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Construction businesses must prepare now for change to nil VAT invoicing that will reduce cash flow

Posted on in VAT
Construction contractors and suppliers should now be ramping up their preparations for major VAT changes, which are set to significantly affect cash flows. Lee Webster, managing director at LBW Chartered Accountants, is warning that the sweeping VAT changes from 1 October 2019 will require tens of ... Continue reading
Last modified on
Hits: 650

VAT Update

Posted on in VAT
With all the talk in the press and other media on the subject of “Brexit”, we thought it would be a good time to take a look at VAT. VAT is a EU tax that was introduced into the UK in 1973 when the UK joined what was then the Common Market. So the question then is when we leave the EU will VAT go a... Continue reading
Last modified on
Hits: 870

Changes to HMRC's VAT Flat Rate Scheme

Posted on in VAT
As a result of the Autumn Statement on 23 November 2016, the Chancellor of the Exchequer announced the introduction of a new 16.5% VAT flat rate for businesses with limited costs. HMRC have now released legislation detailing the changes that come into effect from 1 April 2017. Businesses using the F... Continue reading
Last modified on
Hits: 1561

VAT Bad Debt Relief

Posted on in VAT
Just a reminder to VAT registered clients that bad debt relief can be claimed on any debts to your business which prove to be bad debts. Naturally the relief only applies to those who use invoice accounting for VAT as those who are on cash accounting will get automatic bad debt relief as VAT is only... Continue reading
Last modified on
Hits: 2811

VAT: HMRC make a U-turn

Posted on in VAT
Good news for newly VAT registered businesses. HMRC earlier this year had outlined a prior use adjustment charge for any input VAT claim on assets/services pre VAT registration to account for 'wear and tear' of the asset. This has now seen a U-turn from HMRC meaning old rules still apply. A newly V... Continue reading
Last modified on
Hits: 1716

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News Categories

Tax (41)
PAYE (2)
COVID-19 (15)
LBW News (13)
VAT (10)
Economy (7)
Accounting (14)
Payroll (9)
Savings (2)
Industry (2)
Landlords (1)
Marketing (1)
Pensions (1)