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ACCA on Covid-19 and impact on VAT

by | Jun 8, 2020 | ACCA, Covid19, VAT

Deferrals, PPE and more in this handy summary. VAT deferral VAT registered business can defer VAT payments that are due from 20 March 2020 to 30 June 2020. The measure applies to payment deadlines for the following VAT quarters: 29 February 2020: normal payment...

Budget VAT changes round up

by | Mar 13, 2020 | ACCA, budget, VAT

Digital publications will also become zero-rated, while the agricultural flat rate scheme entry and exit rules are amended.  The VAT registration rates are unchanged, with few announcements. The main business changes concern:  Sanitary products VAT is currently...

Reimbursement or disbursement

by | Jan 30, 2020 | ACCA, VAT

Knowing the difference is important in getting the right VAT treatment. The difference between reimbursement and disbursement is significant from the VAT point of view as reimbursements are subject to VAT, while disbursements are outside the scope of VAT. If a...

MTD – VAT return letters wrong

by | Nov 4, 2019 | ACCA, VAT

HMRC is aware that some ‘VAT notice of assessment of tax’ letters recently sent to Making Tax Digital customers were issued in error. If the business has already submitted the VAT return in question and paid the tax due/received its repayment, it can...