by AJN Accountants | Sep 20, 2024 | VAT
Typically, most VAT-registered businesses submit their VAT Returns and payments to HM Revenue and Customs quarterly. By choosing the Annual Accounting Scheme for VAT, you eliminate the need to file quarterly VAT returns. However, there are other factors to consider,...
by AJN Accountants | May 17, 2024 | VAT
The zero rate of VAT has been extended to include the installation of additional energy-saving materials (ESMs) from 1 February 2024. The installation of certain specified energy-saving materials (ESMs) in residential accommodation is zero rated for VAT. The more...
by AJN Accountants | Feb 23, 2024 | Accounting, Advice, FAQs, Small Businesses, VAT
In the world of VAT, a business can be unaware of a fraud in the supply chain and still be regarded as a fraudster, if they have not properly vetted their suppliers or has ignored signs of potential connections to fraud. In 2023 alone there were three high-profile...
by AJN Accountants | Jul 7, 2023 | Property, VAT
When purchasing commercial premises you need to know whether VAT will be added to the price as the stamp duty land tax charge (or similar taxes in Wales or Scotland) is calculated on the VAT inclusive value. Most older commercial buildings will be exempt from VAT...
by yasiradnan94 | Mar 15, 2023 | VAT
All VAT returns must now be submitted digitally using MTD compatible software (unless the business has an exemption) so the VAT penalties have been revised to fit with this new regime. If you submit a VAT return late for a period starting on or after 1 January 2023...
by yasiradnan94 | Jan 23, 2023 | Accounting, Advice, VAT
What is the issue? Recent tribunal cases have further highlighted that a business can only claim input VAT if the expense was for business purpose and for supplies related to its own business. VAT can’t be claimed on an expense belonging to a different business even...
