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UK HMRC Announces Further VAT Cuts for Hospitality Sector

Following a slew of recent rate changes to GB VAT, the Government has today announced a further temporary rate reduction to 5% for the hospitality sector. This afternoon the UK Chancellor of the Exchequer, Rishi Sunak, has announced that there will be an additional set of temporary cuts for Value

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HMRC publishes its preliminary estimate of UK’s VAT Gap for 2018/2019

The UK Government’s department responsible for the collection of taxes, has published its preliminary estimate of the VAT Gap for 2018-2019. According to the HMRC, ‘The ‘VAT gap’ is the difference between the VAT theoretical liability, estimated using national accounts data, and actual cash receipts.’ The findings indicate that VAT

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Changes to UK VAT Reverse Charge procedure

HMRC have recently updated the domestic reverse charge procedure, specifically, the reverse charge sales list (RCSL). Some VAT-registered businesses will be required to submit updated RCSL’s by Friday 20th August 2020 or else be liable to penalties. Penalties are calculated daily for a maximum of 100 days at increasing rates.

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Making Tax Digital – a rapid recap of requirements

Over the past couple of months, I’ve been approached by quite a few businesses using Oracle, wanting to know about the UK’s Making Tax Digital initiative. Given these enquiries have been ramping up a bit over recent weeks, I thought it’d be a good idea for me to share my