Flat rate scheme: are you a limited cost business?

Flat rate scheme: are you a limited cost business? From 1 April 2017 new rules coming to effect that are likely to have a negative impact on many service businesses particularly those providing professional services. These are the ones that sell the knowledge of the business owners and their staff. HMRC says you are a limited cost business if … [Read more...]

Budget 2017: VAT issues

In his Budget on 8 March 2017 the Chancellor of the Exchequer, Philip Hammond, covered four VAT items. Only one of which I heard mentioned in his speech. The rest were covered in the supporting documents published after the Chancellor finished his speech in the House of Commons. VAT registration limit The VAT registration limit will increase by … [Read more...]

Recently updated VAT Notices (September 2016)

HMRC has updated these VAT Notices in recent weeks: VAT Notice 723A: refunds of VAT in the European Community for EC and non-EC businesses HMRC 7 September 2016 published an updated version of VAT Notice 723A: refunds of VAT in the European Community for EC and non-EC businesses dated September 2016. There is now a link within the Notice that … [Read more...]

Overseas businesses selling goods stored in the UK

On 16 September 2016 HMRC published guidance for "overseas businesses using an online marketplace to sell goods in the UK". The guidance is for overseas businesses that store and sell goods in the UK although they have no business establishment in the UK. Many of these businesses use an online marketplace that provides a fulfilment service to … [Read more...]

HMRC announce zero-rating for women’s sanitary products

On 24 March 2016 HMRC published a note on it's website indicating that from some future date the VAT rate to be applied to women's sanitary products would reduce from 5% to 0%. There is no indication of when the change will be made. As it stands the VAT lock legislation the government introduced makes it illegal for it to change the rate of VAT … [Read more...]

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