Tag Archives: VAT

Hospitality sector – promote advance payments for Christmas parties now!

Christmas party VAT

To those of you in the hospitality and tourism sector, you have been enjoying a reduced rate of VAT (5%) since 12 July 2020. This reduced rate applies to most supplies made by hotels, tourist attractions, members’ clubs and most places that host events. It also applies to the food […]

Bad Debt – what are the tax reliefs on bad debt?

bad debt tax

Not many businesses operate without a bit of bad debt, although hopefully it is just the odd one! However, for tax purposes, there are different rules depending on the tax involved. VAT There are detailed instructions for VAT relief on bad debts which is set out in VAT Notice 700/18, […]

Paying your deferred VAT

paying deferred vat

The portal to allow you to pay VAT deferred due to Covid-19 is now open If you deferred paying any VAT between 20 March 2020 and 30 June 2020 you can now:- pay the deferred VAT in full, on or before 31 March 2021 join the VAT deferral new payment scheme […]

VAT Reverse Charge for construction – overview

VAT reverse charge

Big changes are coming to the way in which VAT is administered to the construction industry. From 1 March 2021 the CIS VAT Domestic Reverse Charge Measure will apply to supplies of construction work. Proposals: When the reverse charge applies the customer must account for the supplier’s output VAT This […]

Temporary reduction of VAT explained

The Government has today (15.07.20) temporarily reduced the VAT rate to 5% (from 20%) in order to support the hospitality sector on certain good or services. This reduction will apply to food and non-alcoholic drinks supplied by restaurants, pubs, bars, cafes and to hot take-away food outlets. The reduced rate […]

COVID-19 Business Support Update

business support

This week has been unprecedented in terms of daily updates of government support to businesses and individuals in the current climate. Literally things are changing on a daily basis. We are doing our very best to keep you updated and therefore please see below our latest updated summary where we […]