VAT & CUSTOMS NEWS
VAT UK ARE PROUD TO SUPPORT FODEN'S BAND
02/11/2023
VAT UK are proud to be a patron of Foden's Band - a registered charity and currently the number 1 Brass Band in the world!
As life-long brass players and huge fans of the band, Company Directors Fiona & Hugh are excited to partner with Foden's and to have their company logo on the new band shirts.
TIME TO REVIEW YOUR CHARITY VAT AFFAIRS?
01/11/2023
Paying VAT on advertising costs?
Partially exempt, with an old calculation method?
Planning a new property development project?
Concerned about the VAT liability of your income?
Get in touch for a chat about how we can help. From VAT reviews to Partial Exemption Special Methods, we would love to help.
COST CUTTING AND CASHFLOW IMPROVEMENT MEASURES
29/10/2023
With the cost of living crisis hitting both homes and businesses, now could be the time to consider whether any VAT or Customs Duty reliefs are available to reduce costs or improve cashflow. For example:
Renovating a house? Have you considered the reduced rate of VAT for empty homes or converted properties?
Charity or Non-Profit entity? Have you reviewed your expenditure to ensure you receive relevant supplies with no VAT? Have you considered your VAT partial exemption position recently? Are you constructing a property which could qualify for VAT relief?
Importing Goods? Have you considered whether you are paying the correct amount of duty? Are you planning to re-export some of the goods - could you benefit from a duty relief regime like Inward Processing? Are you using Postponed VAT Accounting? Should you have a duty deferment account?
Selling or buying a business? Does it qualify as a Transfer of a Going Concern with no VAT on the sale price?
Converting or building new residential properties? Could you benefit from full VAT recovery on costs?
Leasing commercial properties? Should you opt to tax to generate VAT recovery on costs?
These are just some of the areas where we have provided advice recently. Please get in touch if we can help to review the VAT and Customs Duty costs your business incurs.
VACANT COMMERCIAL PROPERTIES - 5% VAT OPPORTUNITY
24/08/2023
We're seeing an increase in enquiries from developers and property owners involved in potential commercial to residential conversion projects.
We advise on the scope of the 5% VAT rate for the construction works, plus how to recover or mitigate VAT on costs.
While work from home plans continue long term, this might be a reoccurring theme, as alternative uses are explored for empty properties.
CUSTOMS DECLARATION SYSTEM - REGISTRATION REQUIRED
2/8/22
Have you registered for CDS? The new HMRC Customs Declaration System comes into effect from 1 October 2022.
Registration is required in order to continue making import and export declarations for goods entering or leaving the country. Customs agents have to be approved to use your account, and if you hold a duty deferment account then direct debt instructions have to be updated.
Get in touch if we can help with this changeover.
ONE STOP SHOP VAT REGISTRATIONS
27th August 2021
26th August 2021
1 July 2021 saw the launch of the new One Stop Shop (OSS) and Import One Stop Shop (IOSS) schemes. Businesses selling goods in the EU should consider if these simplified VAT registrations could help to facilitate customer orders and reduce the VAT compliance burden.
IOSS can be used to sell low value goods to EU customers from the UK without the customer incurring customs charges.
OSS may be used by businesses selling from an EU stock base: one VAT return to declare all local VAT rates.
We can assist with OSS or IOSS registration - contact us to find out more.
HMRC REQUIRE UK VAT REGISTRATIONS FOR OVERSEAS BUSINESSES
August 28th 2021
27th August 2021
Following Brexit and other HMRC changes, overseas businesses now have additional reasons to require a UK VAT registration.
Selling goods valued under £135?
Selling digital services in the UK?
Acting as the importer of record for goods entering the UK?
Land and property transaction in the UK?
Get in touch to find out how we can help.
MAKING TAX DIGITAL
August 28th 2021
27th August 2021
Need help with MTD implementation? Get in touch! We have bridging software to facilitate submission of your VAT returns
UK-EU EXPORT ISSUES
August 29th 2021
27th August 2021
Some of our clients are having issues with completing export declarations correctly to export goods from the UK. Following Brexit, full export declarations are required with accurate valuation, commodity codes and customs procedure codes. Get in touch if we can help.
