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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
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
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.
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
