New VAT rules for the construction sector

Under new rules due to come in on 1 October 2019 builders, subcontractors and other trades associated with the construction industry will have to start using a new method of accounting for VAT. Under the new rules, supplies of standard or reduced-rated building...

Making tax digital is now a reality

Making tax digital (MTD) is now law for all VAT registered businesses with turnover over £85,000. This new law requiring Digital record keeping and filing of VAT returns via the MTD portal came into force on the 1 April 2019. This means change for many businesses but...

No deal Brexit – what about VAT?

The Government and HMRC have updated its collection of high-level guides called “partnership packs”, intended to help businesses involved in importing and exporting prepare for changes to customs procedures after 29 March 2019 in the event of a “no deal” scenario. If...

I’m already using Xero; how will Making Tax Digital affect me?

There’s a new kid arriving on the accounting block, and the deadline to get ready for is getting nearer and nearer! HMRC’s Making Tax Digital (MTD) is set to transform how businesses keep their records but even still, there’s several myths circulating about what it...

Making tax digital for VAT guidance issued

HMRC have now issued their detailed guidance on the digital record keeping and return requirements for Making Tax Digital (MTD) for VAT. VAT Notice 700/22 clarifies that spreadsheets may still be used to keep business records provided that there is bridging software...

New VAT rules for building trade in 2019

Under new rules due to come in on 1 October 2019 builders, sub-contractors and other trades associated with the construction industry will have to start using a new method of accounting for VAT. The measure is designed to combat VAT fraud in the construction sector...