VAT Reduction for Hospitality: how does it actually work in practice?
In the Budget in early March, Rishi Sunak announced that the VAT rate cut, from 20% to 5%, introduced in July 2020, which saw certain businesses working within the hospitality sector benefiting, was to be extended for six more months. What does the 5% VAT reduction apply to? The temporary reduction applies to businesses who […]
Postponed Import VAT Accounting Scheme: how to access your import VAT statements
Since 1 January 2021, following the ending of the transition period, VAT is now payable on imports coming into the UK from anywhere in the world, including imports from the EU. There are a number of ways that payment of the import VAT can be managed by businesses. One option introduced by HMRC, which applies […]
Setting up your HMRC Business Tax Account
Every business should have access to an HMRC Business Tax Account whether the business operates as a sole trader, partnership or a limited company.