VAT

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December Q&A

1st December 2020
Is there VAT on renting out farmland? Q. I have agreed to rent a field from a farmer who is unsure whether he must charge VAT. As far as I am aware, as long as he has not opted to tax the land he does not charge VAT. Is this correct? A. The answer here...

Takeaway and delivered food – What VAT?

30th October 2020
A temporary lower VAT rate currently applies to some supplies of food and drink but not others. While this is good news it has caused some confusion. What VAT should you be charging your customers?  Our VAT expert John Craig provides the answers. Temporary VAT rate The government introduced the temporary 5% VAT rate for...
tax

Deferred your tax

5th October 2020
You took advantage of HMRC’s tax deferral schemes for VAT and income tax self-assessment because of coronavirus. But what options are there to pay and when is the best time to do it? Brona MacDougall takes a closer look Naturally, before you pay tax you want to look at your cashflow over the coming months...

Mixed use of a building and VAT

5th October 2020
You own a building that has a ground floor shop and a first floor flat, which you rent out. You opted to tax the property many years ago. But have you been dealing with the VAT correctly and can you save some tax in the future? John Craig provides the answers. Many landlords have opted...

VAT and Self Assessment Payment Extensions

24th September 2020
VAT It has been confirmed today that the payment of the suspended VAT quarter (the VAT quarter due in March to June 2020) which was previous due for repayment by end of March 2021 can now be repaid by way of 11 equal instalments over the tax year 2021/2022 in order to avoid businesses suffering...
Builders reverse charge delayed again

Builders reverse charge delayed again

10th August 2020
To help builders affected by the Coronavirus crisis, the new reverse charge rules for the construction industry has been pushed back to the 1st March 2021. What does the delay mean for your business? Elaine Wight finds out. HMRC has recognised that builders are already under enormous pressure as a result of the Coronavirus crisis....
Remote working and VAT

Remote working and VAT

7th August 2020
The Coronavirus crisis has identified that some employees are able to work from home in the long term, but what is the position on reclaiming VAT on remote working allowance for staff? VAT expert John Craig finds out with the following example. You have agreed to pay remote working employees up to £1,000 to pay...

Hospitality businesses VAT reduction and Eat Out to Help Out

27th July 2020
In the Chancellor’s Summer Statement of 8 July measures were announced to support businesses affected by the enforced closures and social distancing measures necessitated by the COVID-19 pandemic. In order to protect jobs in the hospitality and tourism sectors the government has: • Extended the services to which the 5% reduced rate of VAT can...

VAT Deferral Payment

27th March 2020
Announcement from HMRC – If your business is wanting to make use of the VAT Deferral Arrangement announced last week and your businesses normally pays the VAT by direct debit, please cancel the direct debit with the bank. Ensure this is done in good time as payment instruction can be requested a few days before...

COVID-19 – Practical steps to help every business

20th March 2020
Few businesses could ever have imagined, let alone made plans for, the potential impact of a massive epidemic such as the current coronavirus crisis. As accountants, we want to provide you with some practical steps that you can take. Keep in touch Keep in touch with your accountant. The sooner that they are made aware...