Sources for statistics on accountancy firms by fee income, published as part of the Knowledge guide to statistics on the accountancy profession.
Features and articles
Brexit and every element of your associated strategy, will impact upon the finances of your business. Depending on the outcome of the UK’s future relationship with the EU there are likely to be customs, VAT and currency implications which will put an enhanced focus on cash flow due to the potential for extra administration and costs of doing business.
VAT-registered businesses must keep records of sales and purchases, keep a separate summary of VAT called a VAT account and issue correct VAT invoices.
Before you pay your VAT bill, make sure your deadline has not passed. Your deadline will be shown on your VAT return. There are different deadlines if you use the Annual Accounting Scheme or payments on account.
If you or your business becomes bankrupt or insolvent, your insolvency practitioner will usually cancel your VAT registration and organise payment of your VAT.
Usually, if you’ve charged your customers less VAT than you’ve paid on your purchases, HM Revenue and Customs (HMRC) repay you the difference.
You can usually reclaim the VAT paid on goods and services purchased for use in your business. If a purchase is also for personal or private use, you can only reclaim the business proportion of the VAT.
VAT officers can visit your business to inspect your VAT records and make sure you’re paying or reclaiming the right amount of VAT.
Webinars and recordings
This TAXbite explains which businesses are in scope for MTD for VAT and when they must comply with the rules.
This TAXbite talks about exemptions under Making Tax Digital.
This TAXbite explains how the margin schemes for VAT operate within Making Tax Digital.
An overview of the interaction between VAT retail schemes for MTD for VAT
This TAXbite explains how the flat rate scheme for VAT operates within Making Tax Digital.
An overview of the cash accounting scheme for VAT and how it interacts with MTD
Although many of the implications of Brexit are currently unknown, VAT and customs duties are likely to be affected. This guide outlines the potential tax consequences. This guide was updated following the publication on 23 August 2018 of guidance from HMRC as to what will happen if there is no Brexit deal.
In TAXguide 02/18, Sarah Ghaffari answers a selection of the key questions raised by viewers of the Tax Faculty webinar ‘Demystifying Making Tax Digital: the VAT requirements’, broadcast on 16 January 2018. Read a summary here, ICAEW members can download the full guide.
In TAXguide 23/17, Neil Gaskell explains the changes introduced on 1 January 2015 to the VAT rules for business to consumer supplies of digital services within the EU. This guidance has been updated to include changes introduced on 1 January 2019. Read a summary here, Tax Faculty members can download the full guide.
Money laundering: supplementary guidance for the tax practitioner
The Library & Information Service provides a collection of eBooks as a benefit of membership. Please log in to access these titles. If you are unable to access an eBook, please see our Help and support or contact email@example.com.
Fully updated guide focusing on each area of the financial statement in detail with illustrative examples. This chapter on accounting for income tax gives a comparison of FRS 102 Section 29 and IFRS, and covers VAT and similar sales taxes, current tax, recognition and measurement of deferred tax, allocation of tax charge or credit, consolidated tax returns and offset of taxable profits and losses within groups, presentation, and disclosure.
This second chapter on VAT explains how the tax is administered by HMRC, as well as a number of schemes which simplify the VAT system.
A chapter setting out the essential principles of VAT, as set out in the Value Added Tax Act 1994 and subsequent Finance Acts.
Short summary of what is chargeable for VAT in the UK, who constitutes a taxable person and how much tax is paid at different rates of VAT.
A high level overview of the framework of VAT administration covering appeals and the interest charged on VAT recovered through the raising of an assessment.
Briefly explains who has an obligation to register for VAT with a worked example for a small business. It also notes the pros and cons of voluntary VAT registration.
An overview of exporting from the UK. The chapter covers VAT treatment of direct and indirect exports, customs and excise, and the different types of export declaration.
This chapter explains the schemes for businesses recovering VAT incurred within the EU.
ICAEW's Tax Faculty responds to the VAT registration threshold call for evidence published by HM Treasury on 13 March 2018.
VAT Postponed accounting letter to FST
MTD - Interest harmonisation and sanctions for late payment
VAT and vouchers
Some resources that we link to may pre-date the latest amendments to the relevant tax regulations. While these links contain useful information, please treat them with appropriate caution.
List of companies who are supplying suitable software to support the MTD for VAT pilot. These suppliers have tested their products in HMRC's test environment and have already demonstrated a prototype of their software to HMRC.
Notice giving updated guidance on digital record keeping and return requirements of MTD for VAT. It explains the digital records that businesses must keep, ways to record transactions digitally in certain special circumstances, and what counts as ‘functional compatible software’.
HMRC guidance on the direct tax obligations of charities, VAT and reliefs or exemptions available. Sections cover Gift Aid, Payroll Giving, donating land, buildings, shares or securities, claims, and audits.
Table from KPMG providing data on indirect tax rates around the world with brief accompanying notes. A separate interactive Tax rates tool allows you to compare tax rates by country or region.
Standard and special VAT rates for EU member states. Updated regularly
Useful online tool for checking the validity of EU VAT numbers. The service is provided by the European Commission and uses data supplied by member states.
Extensive collection of HMRC guidance on rates, thresholds, managing VAT and VAT returns. Contains specific guidance for builders, car dealers, importers and tour operators.
Current and historical thresholds for VAT and VAT accounting schemes.
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