VAT Reverse Charge

The intention to introduce a domestic reverse charge for construction services was announced in 2017. The change will shift the responsibility for accounting for the VAT on ‘specified services’ from the supplier on to the recipient of the supply. The change will be...

Changes to VAT Flat Rate Scheme

Significant changes have been announced for the amount of VAT that many small businesses will have to pay. This will affect businesses that use the VAT Flat Rate Scheme but which spend very little on goods, including raw materials – such as firms providing...

VAT MOSS – Where are we now?

HMRC’s mini one stop shop (MOSS) for accounting for VAT on digital services sold in other EU countries seems to have settled down. HMRC has also simplified the rules for some businesses. How might these changes affect you? Digital services Since 1 January 2015,...

VAT record keeping

What records to keep? For any business it is vital to keep evidence to support all transactions for tax purposes. Records will needed by the bookkeeper, business owner to refer back to and also HMRC. However for VAT purposes HMRC are not always looking for a full VAT...