For businesses operating in the UK, understanding Value Added Tax (VAT) schemes is crucial. Not only does VAT impact your cash flow, but navigating the different options can feel overwhelming. This blog post simplifies VAT schemes in the UK, helping you choose the most suitable one for your business.

The post VAT Schemes in the UK: A Guide for Businesses appeared first on Taxfile.

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.

The post A Brit’s Guide to Value Added Tax Returns appeared first on Taxfile.

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.

The post Navigating the VAT Landscape in the UK: A Comprehensive Guide appeared first on Taxfile.

The new Taxfile brochure is out and you can download it here. Even if you're an existing client, it's worth taking a look in case we can help you in ways you weren't aware of. We can help anyone e.g. the self-employed, directors of limited companies, partners in partnerships, sole traders, retired people, landlords, taxi and cab drivers, construction workers and just about anyone.

The new brochure covers:

The post New Taxfile Brochure – Download Here appeared first on Taxfile.

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 post Need a Limited Company? Questions you may be asking yourself appeared first on Taxfile.

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:

The post Further Delays on the Roll-Out of the Domestic Reverse Charge for the Building & Construction Services. appeared first on Taxfile.

The post Making Tax Digital – A New Time Line appeared first on Taxfile.

The post Making Tax Digital for VAT appeared first on Taxfile.

The Autumn 2017 edition of Taxfile's newsletter is now out and it's packed full of useful information, tips, recommendations and key dates in the tax and accounting calendar, including some things you need to act on right away if you want to save time and money. Here is a quick overview of the articles:

Page 1:

• Self-Assessment Tax Return Deadline Approaches - Act Now!
• Late with your Tax Return & Tax Payment for a Previous Year?
• Taxfile Now Open Saturdays by Appointment
• Deadlines & Key Dates
• The Future is Digital

Page 2:

• Accounting for VAT
• Have you made a Capital Gain?
• Assets Overseas? Non-Resident Landlord? Read This!
• Do you Employ People?
• C.I.S. Sub-Contractors: Claim your Tax Refund for Christmas!
• Tip!

Page 3:

• The Benefits of Using Taxfile
• All Your Tax & Accounting Needs Taken Care of
• Tax Affairs in a Mess?
• Who Works at Taxfile?
• Thank You

If you haven't already received a copy by email, then view the newsletter online here or

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