Tell HMRC if you’re registered for the VAT Import One Stop Shop in the EU

If you sell low value goods in consignments not exceeding £135 in value into Northern Ireland and you are registered for the VAT Import One Stop Shop (IOSS) in the EU, you must tell HMRC your IOSS registration number.

Along with our regular in-house software training sessions and technical updates, the main focus of our training plans at the beginning of this year is understanding how post-Brexit Trade impacts on our clients.

Applying the VAT Cut in FreeAgent and Xero
Editor | 16 July 2020
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A VAT cut in the food, drink and hospitality sectors came into force this week following the Chancellor’s ‘Summer Economic Update’ last week.

Could VAT and NI Cuts Boost Economy?

Chancellor Rishi Sunak is reportedly drawing up plans for temporary tax cuts and other measures to help boost the British economy as it emerges from lockdown next month.

Facing a steep recession triggered by the coronavirus outbreak, which could involve high numbers of job losses and business failures, the Chancellor is searching for ways to bolster the economy and boost spending.

It is thought that the Chancellor is considering a range of options, including a VAT cut, a reduction in employers’ National Insurance Contributions and business rates reform.

HMRC Last Warning on Making Tax Digital

HMRC has urged businesses that will be affected by Making Tax Digital to submit their first quarterly return using approved software by 7 August.

Under the new rules, which came into effect on 1 April, businesses with an annual turnover over £85,000 need to sign up to Making Tax Digital and submit a quarterly VAT return before the 7 August filing date.

Days left to join VAT Deferral New Payment Scheme

Businesses that joined the deferred VAT payments scheme last year, have until 21 June 2021 to join a new payment scheme that will allow them to spread the cost of deferred VAT.

The new online system will allow businesses to pay their VAT In monthly instalments under the VAT Deferral New Payment Scheme.

VAT: An introduction for small businesses

Registering for VAT can feel scary for businesses, but it is an essential part of growth. In this brief introduction to the tax, we give you all the most important information to help you grow more comfortable with the tax.

What the Chancellor’s Mini Budget Means for Small Businesses

The Chancellor has unveiled a £30bn plan to protect jobs and boost the economy in the wake of the coronavirus pandemic, but what will this ‘mini budget’ mean for contractors’ small businesses in the UK?

MTD Six Months On: 94% of Firms File on Time
Editor | 14 October 2019
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The biggest transformation to the tax system this century, Making Tax Digital (MTD) for VAT came into force for more than a million businesses in April.

Under the changes, VAT-registered businesses with a turnover that exceeds £85,000 need to keep digital tax records and submit their VAT returns to HMRC using compatible software like FreeAgent or Xero.

FreeAgent Making Tax Digital MTD VAT CloudAccountant.co.uk

Making Tax Digital (MTD) for VAT is here and it means a number of important changes to the way that businesses file and report their VAT.

If you run a VAT-registered business with a taxable turnover above the VAT threshold of £85,000, you are required to keep digital VAT records using MTD-compatible software like FreeAgent or Xero.

The new rules took effect from April 2019. To make life easier for busy business owners, FreeAgent has introduced a range of updates and improvements to their VAT filing system.

In this blog post, we detail some new features and functionality that will make the VAT process quick and simple.

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