Articles / News

VAT Return, Tax Return – What is the Difference and Some Pointers from the Experts

Starting a business is not an easy task as apart from learning ropes of the business and keeping up the optimism, there are ‘...

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August 06, 2021

On 12 November 2020, HMRC launched a consultation document to analyse how the systems placed for Making Tax Digital (MTD) and already publicly in use for VAT could be implemented for Corporation Tax (CT). Many fundamental changes are being sought ...

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February 01, 2021

Many tax rules and regulations between the UK and EU will undergo drastic changes or will no longer be applicable when the UK leaves the EU VAT regime and Customs Union on 31st December 2020. What this implies is that the trade between the UK...

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January 29, 2021

The transition period is over and now from this month, we need to follow the new rules for VAT. While most VAT rules and procedures remain the same as before there are a few changes one must know if they are trading with the EU and abroad.


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January 13, 2021

Do you charge your customers compensation to withdraw from agreements to supply goods or services?  If yes you may have a question - Are charges to withdraw from agreements to receive goods or services vatable? Is there VAT on cancellation fe...

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December 05, 2020

The United Kingdom left the European Union on January 31st, 2020. Both the parties agreed to a transition phase, which shall be in force until 31st December 2020. During this transition phase, the UK is still part of the EU regulatory framework an...

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December 01, 2020

The UK government has had to face the consequences of the coronavirus pandemic at multiple levels. From furlough to bounce back loans to stamp duties "holiday" and VAT cuts to the hospitality sector, things have been changing for the bes...

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October 24, 2020

What is Making Tax Digital (MTD)?

With effect from 1st April 2019, VAT registered businesses whose taxable turnover is above the VAT registration threshold (presently £ 85000 per annum) must keep...

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September 04, 2020

Point of sale is one of the easiest VAT schemes, created for businesses using an electronic system that records VAT for goods at the time of sale. Poin...

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August 25, 2020

A retail business is the one that sells directly to the public and so it may find it difficult to issue a VAT invoice for each sale. Such examples are for small convenience stores where many transactions are for less than £1, but which will ...

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July 03, 2020