Individuals building their own home can submit their DIY housebuilders VAT refund claim digitally from 5 December 2023. The time limit for such a claim will also been extended to six months after completion of the build. The VAT DIY housebuilders scheme gives DIY homebuilders the ability to reclaim the VAT they pay on building materials…
It always used to be the case that HMRC inspections were decided by a business’s background including size, compliance, complexity etc. Many VAT inspections now, however, are based on information from a data system which HMRC call “Connect”. Instead of HMRC relying on information provided by businesses on VAT returns, Connect draws on statistics from…
Having gained a licence to deal with non-contentious probate in 2015, Whitings LLP continue to undertake more work to assist executors. This ranges from simple probate applications and filing of relevant forms through to administration of estates, acting as executors in some cases. The process starts with preparing and periodically reviewing a Will in…
A new penalty regime came into effect for VAT periods starting on or after 1 January 2023. The changes will impact the charges for missing VAT filing and payment deadlines and will be replacing the current VAT default surcharge system. These changes place continued importance on being up to date with your VAT returns, aware…
A business must compulsorily register for VAT if taxable 12 month turnover exceeds £85,000. They can voluntarily register for VAT as soon as they start trading, providing they expect to make taxable supplies in the future. Businesses that provide to other businesses may choose to register for VAT voluntarily before the registration threshold is…
HMRC have implemented measures to assist businesses that are registered importers who pay VAT and Duty at the time of import and are facing financial difficulties as a direct result of Coronavirus. What to do if you’re a Duty deferment account holder You can contact HMRC for approval to enter into an extended…
It is common practice for director/shareholders to be paid a modest salary through PAYE and pay the balance of their remuneration in dividends. This of course is perfectly permissible if the company has profits available to distribute to shareholders and there is no breach of directors’ duty. Unfortunately, the dramatic effect that the Coronavirus is…
Our Tax Department has written ‘A Brief Guide to Tax Planning for COVID-19’ please click the link below: Tax planning for COVID-19 Brief Guide
The government has provided positive news for Company car drivers announcing that a pure electric vehicle (EV) will no longer pay benefit-in-kind (BIK) tax in 2020/21 following a review which looks set to boost sales of emissions-free cars. HM Treasury’s response to its review of the fallout from the roll-out of the Worldwide Harmonised Light…
VAT registered businesses will be aware that they can only reclaim VAT on business purchases if they have a valid VAT invoice. For supplies over £250, this invoice should disclose: Supplier: sales invoice unique sequential invoice number, name, address and VAT number. Date and tax point, if different Your name and address Description…