I have been advised by my dealership and accountant that I can reclaim VAT on the purchase of a new electric car. Is this correct as this would be a major consideration in the decision to purchase? This has become a very common question of late presumably driven by the…
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Register VAT taxable turnover One must register your business for VAT if your VAT taxable turnover exceeds the registration threshold. This is currently £85,000. You must register if: 1) at the end of any month, the value of your VAT taxable supplies in the previous 12 months or less is…
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The vast majority of businesses pay their tax bills on time however, any that are finding it hard to make payment in full and/or on time can contact HMRC to agree on payment by instalments under the ‘Time to Pay scheme. If a business fails to pay its tax bills…
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To help the hospitality and leisure industry recover from the impact of the first national lockdown, a reduced rate of VAT of 5% was introduced for a limited period from 15 July 2020. The reduced rate of VAT was originally to apply until 12 January 2021. However, in September last…
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Domestic reverse charge VAT legislation is about to change the way CIS registered construction businesses handle and pay VAT. From 1 March 2021, many contractors in the construction industry will stop paying VAT to their subcontractors. Instead, the contractor will pay the VAT directly to HM Revenue & Customs. This…
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