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MTD ready?

MTD are you ready?

Less than one week to go before MTD (Making Tax Digital) for VAT is mandatory. As of 1st April 2022 VAT registered businesses will need to submit VAT returns via MTD software. It is said that this will reduce common mistakes and save time for taxpayers whilst being a key part of the digitalisation of … Read more

Flat rate scheme VAT reporting

VAT flat rate scheme

From June the requirements for Flat rate scheme VAT reporting are due to change. Businesses registered under the flat rate VAT scheme should no longer include imports accounted for under postponed VAT accounting in their flat rate turnover. Businesses will still need to complete a flat rate scheme calculation and record the VAT due on … Read more

HMRC Telephone Lines

HMRC Telephone Lines

With the success of HMRC closing some telephone lines during December 2021, HMRC have chosen to close the Corporation tax and VAT lines again. These closures will take place each Friday between 25th February and 25th March. Over the course of the pandemic, HMRC prioritised Covid support schemes and the UK’s smooth departure from the … Read more

MTD for VAT – Are you ready?

MTD are you ready?

HMRC are advising VAT registered businesses to register for MTD (Making Tax Digital) for VAT before it becomes mandatory from the 1st April 2022. Designed to eliminate errors and save time, MTD is part of the overall digitalisation of UK tax. As of December 2021, nearly 1.6 million taxpayers had joined Making Tax Digital for VAT with … Read more

VAT Reclaims for Charging Electric Vehicles

Electric Vehicle VAT Reclaims

HMRC have updated the rules on VAT reclaims for charging electric vehicles, however how employees can make claims for domestic charging is still under review. VAT incurred by businesses when charging electric vehicles can be recovered on the business use of those vehicles, where the vehicles are charged at work or at public charging premises. … Read more

VAT Reverse Charge

VAT domestic reverse charge 1st October 2020

The VAT reverse charge for construction is effectively an extension of the Construction Industry Scheme (CIS) and applies only to transactions that are reported under CIS and are between VAT-registered contractors and sub-contractors. The scheme means that those supplying construction services to a VAT-registered customer will no longer have to account for the VAT. Instead, the customer will account … Read more

Pay VAT deferred due to coronavirus

VAT flat rate scheme

How to pay VAT payments deferred between 20th March and 30th June 2020. You can pay now or get ready to join the VAT deferral new payment scheme. If you deferred VAT payments due between 20th March and 30th June 2020 and still have payments to make, you can: pay the deferred VAT in full, … Read more

VAT deferred due to coronavirus

VAT flat rate scheme

How to pay VAT payments deferred between 20 March and 30 June 2020. If you deferred VAT between 20 March and 30 June 2020 and still have payments to make, you can: pay the deferred VAT in full on or before 31 March 2021 opt in to the VAT deferral new payment scheme when it … Read more