At Watson Knipe, we pride ourselves on our dedicated team, and one such valued member is Hollie Pritchett. Hollie is an AAT-qualified accountant who joined our firm through an apprenticeship program over 14 years ago. Since then, she has gained a wealth of experience in corporate and self-employed accounts, bookkeeping, and VAT returns.
The VAT Domestic Reverse Charge was introduced in March 2021. It must be used for most supplies of building and construction services. If you are within the Construction Industry Scheme, it's important to understand how this works.
The new tax year started on 6 April 2024; this is a good time for businesses to prepare for the year ahead. Several changes were announced in the Spring Budget, which you need to consider.
HM Revenue and Customs (HMRC) is providing a new service to help make it easier for VAT customers to pay what they owe. Their aim is to allow customers to set up online payment arrangements to reduce the contact needed with HMRC. This should save both time and resources for Debt Management Operations.
If you are a VAT-registered business, then you will know that by law, you must now sign up for Making Tax Digital (MTD) and use MTD-compatible software to keep your VAT records and file your VAT returns.
In September 2021 HMRC announced a new system they are implementing to deal with anyone that submits their VAT or tax returns late.
When you run a small business, you need to understand the different business taxes and how these will impact your business finances. Your accountant should be able to help advise on these, but understanding business taxes better yourself, can help with financial planning throughout the year.
From 1st October 2019, all businesses that are VAT-registered and work in the building and construction sector need to be aware of and ready to collect VAT under the new rules.
In our previous blog - VAT: domestic reverse charge for building and construction services – we explained how the domestic reverse charge would affect the building and construction services from 1st October 2019.
In July we gave an update on the domestic reverse charge VAT scheme for construction and building services.
We wanted to make sure that all businesses registered for VAT that are in the construction sector and building services were aware of the changes.
When you start your business, it is essential to understand how VAT works and whether you should be VAT registered or not. Some companies decide to become VAT registered straight away, others wait until they reach the HMRC threshold.
In our last blog – Understanding VAT Rates we outlined when businesses have to become VAT registered and the amount of VAT that needs to be added depending on the types of products or services that you are selling.
This year we have had quite a few changes to tax that have impacted individuals, businesses and landlords. We wanted to summarise a few fundamental changes coming up next year, which are worth noting.
We wanted to share a brief update on the VAT Domestic Reverse Charge process for construction and building services. This change was announced last year but then delayed until October 2020.
If you deferred your VAT payments between 20 March and 30 June 2020 then you need to read the guidance issued by the HMRC which explains how to make payments. The detailed process can be found on – Pay VAT deferred due to coronavirus (COVID-19).
We wanted to update you about the VAT Domestic Reverse Chare scheme as this is being enforced from 1st March 2021. We have previously written articles about this, and you may want to refer back to these for more background and how this will impact your business.
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When you first start a business, your focus is usually on attracting customers, generating sales and building a successful company. Few business owners spend much time thinking about how or when they will eventually leave the business.
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