VAT
VAT receipts rise to record £133 billion
Dec 02, 2019
The amount of VAT collected in the last 12 months has risen to a record £133 billion, with a significant contribution from the retail and wholesale sectors. The latest figures from HM Revenue & Customs (HMRC) indicate that revenue has increased ...
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120,000 businesses failed to meet the Making Tax Digital deadline
Sep 16, 2019
HM Revenue and Customs (HMRC) has revealed that 1.1 million businesses have now signed up for Making Tax Digital (MTD) and so far, 1.2 million VAT returns have been successfully submitted through the service. Figures suggest that 490,000 VAT-registered businesses with ...
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Government delays domestic VAT reverse charge until October 2020
Sep 09, 2019
The Government has announced that it will delay the implementation of the domestic VAT reverse charge for building and construction services by a year. Following pleas from those in the Construction industry, the Government agreed that the new rules will not ...
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VAT Reverse Charge for building and construction services – What you need to know
Jul 18, 2019
In an attempt to tackle fraud in the construction industry, HM Revenue & Customs (HMRC) is be introducing a domestic reverse charge which will take effect from October 2019. The reverse charge legislation will now place the responsibility on a contractor ...
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