VAT — the three little letters that strike fear into the hearts of many a Brit. But fear not, fellow taxpayer! Today, we're taking a break from the spreadsheets and diving into the delightfully quirky world of UK VAT returns. Let's take a look.

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Value Added Tax (VAT), a consumption tax levied on most goods and services in the UK, plays a significant role in the nation's economy. Whether you're a sole trader, limited company business owner or simply a curious consumer, understanding VAT is crucial for navigating the UK's tax system effectively. Today's comprehensive guide explains what it is, the various VAT rates, when you need to be registered for the tax, VAT schemes, and more.

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Changes in EU VAT is incoming from 1^st July 2021 for Business to Customer (B2C) sales for those operating within the EU. The changes need to also be considered for businesses in the UK, post-Brexit, that wish to sell online directly to the customer.

The new EU VAT E-commerce package is comprised of two key components;

• One Stop Shop (OSS)
• Import One Stop Shop (IOSS)

It is not compulsory to report VAT using either of these methods, the option is still available to register for VAT in each EU country you wish to do trade with and account and pay VAT in each of those territories. However, reading that, you would wonder why you would take on such a task, when you can just do one VAT return, where the liabilities are then paid to each country where the B2C transaction occurred. However, importantly, these 2 methods can only be used for

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The domestic reverse-charge is a major change to the way VAT is collected by HMRC in the building and construction industry reporting under the Construction Industry Scheme (CIS).

It was being introduced to combat VAT fraud in the sector and the initial roll-out on 1^st October 2019 was delayed due to a combination of the sector being ill-prepared for the change and Brexit. The date was moved forward 12-months to 1^st October 2020 but due to COVID-19 the start date has been further advanced to 1^st March 2021.

At Taxfile, we will start contacting our VAT clients working under the CIS, in preparation for the 1^st March 2021 start date.

If you would like to know how to prepare your business for this, you will need to:

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