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 […]
How do I repay the VAT I deferred because of COVID?
The option to defer VAT payments between 20 March and 30 June last year was welcomed by many businesses as it freed up much-needed cash for them during the lockdown. In order to take advantage of this scheme, businesses either didn’t make the payment or they cancelled their direct debit to prevent the payment being taken automatically.  […]
What can I reduce VAT on? A breakdown for businesses in hospitality, accommodation and the tourism industry
Last week, Rishi Sunak announced a whole host of measures to help boost the economy as we start to recover from the effects of the last few months. One of these measures is a temporary 15% cut to the rate of the VAT applied to certain supplies made in the hospitality, accommodation and tourism industry, […]
Can you adjust your VAT processes to help cash flow during the coronavirus?
There are several existing schemes operated by HMRC that businesses may be able to take advantage of to help improve their cash flow during this difficult period.
