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HMRC opening up a VAT can of mixed supply worms

HMRC opening up a VAT can of mixed supply worms

The phrase ‘opening up a can of worms’ is frequently heard in relation to the wonderful world of tax, and the rules surrounding it.  Unfortunately, opening a can of worms, appears to be exactly what HMRC are planning to do, in their current examination of the rules on...
A new tax year dawns, time to think ahead

A new tax year dawns, time to think ahead

We are now a few weeks into the new tax year and with the coronavirus continuing to make life difficult for most individuals, it is time to think about makings plans. Unlike the beginning of past tax years, the ongoing pandemic presents ongoing challenges, especially...
Cycle To Work Scheme & other biking benefits

Cycle To Work Scheme & other biking benefits

There are quite a number of tax saving schemes and allowances approved by HMRC, which get little or no publicity. So today, with increasing numbers of individuals seeking to improve their health by biking to work, I will explore this relatively unknown area to see...
Points Threshold Penalties

Points Threshold Penalties

Hidden in the small print of the Budget Day announcements, were the details of the long-awaited, points-based system for late filing penalties. But, as one financial journalist who was apparently determined to create a sentence of 7 words with 5 of them starting with...
How Brexit and DRC will affect VAT returns

How Brexit and DRC will affect VAT returns

VAT returns due to be submitted by 7th May for the March 2021 quarter will be very different for many businesses due to the impact of Brexit and the new domestic reverse charge rules for builders (DRC). If you run a business in the construction sector or one that...
VAT Evader Trader

VAT Evader Trader

HMRC is in the process of writing to businesses which it believes are trading above the VAT threshold, but who are not currently VAT registered. Today’s Blog explains what to do if such a letter arrives. VAT Evader Trader Background A business is required to register...
Is it now time to switch from VAT to a Sales Tax?

Is it now time to switch from VAT to a Sales Tax?

When I started working for HM Customs and Excise many moons ago, I always thought VAT to be an odd tax, especially in the way it was operated. VAT had been introduced in 1973 when the UK joined the European Economic Community (the forerunner of the EU), when it...