Below I have reproduced the new Flat Rate VAT percentages, these are to be used from 1 December 2008. Category of business Appropriate percentage Accountancy or book-keeping 11.5 Advertising 8.5 Agricultural services 7 Any other activity not listed elsewhere 9 Architect, civil and structural engineer or surveyor 11 Boarding or care of animals 9.5 [...]
Thanks to our friends at winweb here is guidance on dealing with the VAT Rate change on our winweb online accounting software: The preset VAT rate, in OnlineOffice, will be changed to 15% on 1st December 08. If you have any transactions to post with 17.5% VAT, please go to VAT and Tax > Tax [...]
If you run a small business and are finding it difficult to pay your tax bills now is the time to seize the opportunity given by the Chancellor in his Pre-Budget Report 2008, a promise to you to take ‘as long as they need’ to pay up. It is worth noting the lower rates of [...]
As you will all know by now VAT will from 1 December be reduced from 17.5% to 15% for a 13 month period. Please ensure if you are using software to maintain your accounts that this software is updated for the change. For a summary on dealing with the rate change please click here. For [...]
Further to my recent posting concerning retrospective VAT claims, HMRC have now issued Business Brief 07/08 inviting businesses to submit claims for both input tax accrued before 1 May 1997 and also output tax claims for accounting periods prior to 4 December 1996. My top tip, don’t delay in making your claim. Technorati Tags: [...]
In 1997 HMRC (then known as HM Customs & Excise) imposed a three year cap on reclaiming overpaid VAT, well yesterday the House of Lords upheld the Court of Appeals findings and confirmed these measure where in fact illegal. The cases of Fleming (t/a Bodycraft) and Condé Nast Publications could now lead the way to [...]
From 1 January 2008 renovations and alterations to residential properties that have been empty for at least 2 years will be eligible for a reduced VAT rate of 5%. For more details visit the HMRC website by clicking here. Technorati Tags: HMRC, VAT, Reduced vat on residential renovations Rate this: 3.2
For those involved in the import of antiques, HM Revenue & Customs have updated their guidance notice (notice 362), this replaces the previous notice that was published in March 2002. Technorati Tags: Imported antiques, VAT, HMRC Rate this: 3.2
If you are buying or selling a VAT registered business this is for you. From 1 September 2007 the TOGC rules changed. The vendor (seller) is no longer required to transfer the records of the business to the purchaser, nor to obtain the ‘vatmans’ permission to retain the records. From 1 September 2007 the seller [...]
It struck me today that I haven’t highlights a huge change that came into effect on 1 October 2007, the changes to VAT invoicing, having said that, it didn’t exactly get that much publicity from HMRC. The main change is that from 1 October all invoices must have a unique and sequential number. Most businesses [...]
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