Do you supply broadcasting, telecommunications or electronically supplied services to non-VAT registered customers (business to consumer ‘B2C’ sales) in other EU member states?
If so, you need to start preparing for a significant change to the VAT rules which will come into effect on 1 January 2015. more »
Do you know about a change in HMRC policy which could benefit your organisation?
HMRC recently agreed that housing associations may reclaim VAT previously charged to them by local authorities on Choice Based Lettings (CBL) participation fees. Such fees should properly be treated as outside the scope of VAT. more »
The VAT session we delivered as part of Kirkless Business week focused on our “Top 20 tips for business owners”.
This included an overview of a number of key areas including; more »
We have recently come across a number of VAT issues affecting sales of goods made by charities – whether through charity shops, online, or via charity auctions.
Key issues to be aware of include:
“Big data” is something of a buzz-phrase these days – it frequently makes the news headlines in a wide range of areas from genetics to car insurance.
It is also worth remembering that data analysis can be an extremely important factor in ensuring effective VAT compliance.
For most businesses, their VAT calculations are based on automated processes and data which is captured within a pre-programmed accounting package or ERP system.
This offers significant opportunities (e.g. speeds up processes, reduces scope for manual errors).
However, there are also some important risks to consider. The most dangerous of these is the risk of repetitive error caused by a flaw in the initial system set-up. Even a relatively minor error at this level could lead to significant additional VAT liabilities building up over time.
It is absolutely essential to ensure that the VAT logic applied in setting up an accounting system or ERP package is based on sound principles and a thorough understanding of the business concerned Other key issues are: ensuring that systems are regularly reviewed and updated; and, making sure that relevant staff have the appropriate level of training.
How do you solve a problem like….a VAT dispute with HMRC?