Recently updated VAT Notices (July 2013)

Recently updated VAT Notices (July 2013) This post contains information on two recently updated notices. These are: Default surcharge; and Self-billing. Default Surcharge HMRC has published an updated version of Notice 700/50 dated July 2013 to replace the December 2011 edition. There is no indication given as to what has been … [Read more...]

Five things you need to do to avoid VAT penalties

Five things you need to do to avoid VAT penalties Only five things? At the moment… There are plenty of things you need to do, these are just some of those that you are unlikely to find written down anywhere yet can help you when HMRC carry out an inspection of your books and records. Let’s pile in. 1. Accounting system Make sure your accounting … [Read more...]

Have you any late VAT Returns to submit?

Have you any late VAT Returns to submit? Get them submitted to HMRC by 28 February 2013 and pay the VAT due to get the best terms available in terms of minimal penalties under a new campaign by HMRC. HMRC has announced that any businesses which have outstanding returns and that miss the 28 February 2013 deadline are likely to have their tax … [Read more...]

Six ways to avoid VAT penalties

Six ways to avoid VAT penalties The VAT penalty régime is intended to make more businesses comply with the deadlines for submitting VAT returns, paying VAT and keeping accurate business records. Here are six simple things you can do to help avoid a VAT penalty. Submit your VAT return by the due date. Almost everyone has to do their VAT … [Read more...]

Can you reclaim the VAT on a new car?

I was ‘talking’ via a social networking website with a friend recently and the conversation turned to business. May friend asked, “Might I trouble you with a swift VAT query?” and continued “I'm about to buy a car through the company, to use up some excess cash and reduce my Corporation Tax bill, and I was vaguely wondering if there were any … [Read more...]

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