VAT registration threshold monitoring

I've prepared a note on the VAT registration threshold and included a table for monitoring a business's taxable turnover. You can download it as a PDF File. The VAT registration threshold will remain at £85,000, until at least 31 March 2020. Businesses with taxable turnover close to the limit will need to monitor their turnover, so they … [Read more...]

Cracking Cheese?

Cracking Cheese? The First-tier Tribunal recently looked at the issue in dispute between Lunar Missions Limited and HMRC. Lunar Missions Limited is proposing to carry out exploration of part of the moon where none has so far been carried out – the South Pole region. To fund the initial work on the this project the company set out to raise money … [Read more...]

Budget 2017 and VAT

There was very little of general application, in the Autumn Budget 2017, on VAT. Before the Budget, on 22 November 2017, there were rumours that the Chancellor would lower the VAT registration limit to £20,000 following reports in newspapers that seemed to take elements from the Office of Tax Simplification (OTS) report on simplifying VAT and … [Read more...]

Recently updated VAT Notices – November 2017

Recently updated VAT Notices - November 2017 In the past few weeks HMRC has published updates to ten VAT Notices. Some of the notices only had minor changes made. These are: Notice Change New details 701/22: tools for manufacture of goods for export Update to “Putting things right section” 730: civil penalty … [Read more...]

Fulfilment House Due Diligence Scheme

Fulfilment House Due Diligence Scheme Guidance HMRC has published guidance on the Fulfilment House Due Diligence Scheme. The guidance is based on legislation that is now in draft form. This includes the Finance (No. 2) Bill 2017 that is before Parliament at the moment and a draft statutory legislation. The draft statutory instrument is the … [Read more...]

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