HMRC have recently published formal guidance on what MTD for VAT means. It will be mandatory for businesses trading over the VAT registration threshold to keep VAT records using ‘functional compatible software’.
Our VAT support service is a collaborative approach to supporting you with your day to day VAT queries, whilst allowing us to develop a strong working relationship with you. This support service often results in us identifying potential issues before they hit and enables us to put remedial measures in place to avoid high VAT charges or penalties.
There are some very simple ways to ease your VAT cashflow or make the VAT rules work for you.
HMRC have recently lost an important case which has resulted in farming businesses that have purchased units of Single Farm Payment Entitlement, where HMRC have disallowed the input VAT claims, to now make a back claim to HMRC for the VAT plus interest.
If your business trades internationally you should be aware of the implications of the concept of ‘establishment’ for VAT purposes and how the agenda is being driven by the Courts.
Information and guidance on the MOSS VAT regime is being released on a regular basis by the EU Commission and HMRC and it is clear that several aspects will have a significant impact on UK businesses which will need to be addressed.