Accounting for VAT on unfulfilled supplies

What is an unfulfilled supply? It is defined by HMRC as: “… where a customer doesn’t use a service or collect goods … they have paid for.” Why is this important? Until now, December 2018, HMRC allowed the VAT treatment of the payments received to be changed. The supplier could recover, from HMRC, any VAT it accounted for on an advance payment. … [Read more...]

Road Fuel Scale Charge

I've added the latest version of the Road Fuel Scale Charge that HMRC published on 28 March 2018. … [Read more...]

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...]

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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