Can We Claim Input Tax on a Gym Membership Scheme?

Leg with trainer shoe on, on a gym mat

As the new year unfolds, businesses may want to invest in their most valuable asset: their employees. One impactful way to support staff well-being and productivity is by offering corporate memberships to a gym, and there’s no better time than in January. Let’s look at what benefits it could bring to a business: Can we claim input tax on a … Read More

From November 2023 HMRC will remove paper VAT registration

Ladies hand with pen in completing a form

From November 2023, HMRC (Her Majesty’s Revenue and Customs) has advised that businesses and their agents should apply for VAT registration through the VAT Registration Service, as the paper VAT1 form will be removed. HMRC has stated that “it’s the quickest, most secure, and easiest way to register, and over 95% of their customers already use this service)”. You will, … Read More

New Changes the to VAT online account from Monday 15th May 2023

From Monday 15th May 2023 there are new changes to the VAT online account, and you will no longer be able to use your existing VAT online account to file your annual VAT returns. All VAT-registered businesses must by law, now use Making Tax Digital (MTD) compatible software to keep their records and file VAT returns. What do you need … Read More

Sage Tax (VAT) Codes

We know how hard it can be trying to remember all the HMRC terminology for the VAT status on items you purchase. The differences between T0, T2 and T9 often confuse, not to mention that some receipts or invoices show VAT but you are unable to claim it! Here’s a sneaky peek at some real-life examples from the guide: This … Read More

Changes to VAT penalties and VAT interest charges

A new VAT penalty scheme will come into effect from January 2023. This will alter the way that penalties are issued for submitting and paying VAT returns late. This means penalties will now apply to persistent late filing of VAT returns, and to late payment of the declared VAT liability (this includes where there is no liability to HMRC to … Read More

Whats’ the difference between invoice basis and cash basis for VAT?

When it comes to the time to register your business for VAT, whether this is because you’ve hit the threshold or that you are opting to register voluntarily, you need to decide whether it will be on an invoice or cash basis*. When we (Sage Accounts Solutions Limited) deliver client training or are helping businesses to setup Sage, we ask … Read More

What do I need to know about MTD for VAT legislation

As you are probably aware, complying with Making Tax Digital (MTD) has been compulsory for most VAT registered businesses since April 2019. MTD was introduced in order to make the UK tax system as efficient as possible and to eliminate human error, which was costing the government billions of pounds each year. The next phase of MTD is coming into … Read More

What I need to know about VAT for the 2022/2023 tax year

VAT wasn’t mentioned during the Autumn budget back in October. This means that for the 2022/2023 tax year the following will apply for VAT; Rates will remain the same The VAT threshold will remain the same The current VAT rates of 20% for the standard VAT rate, 5% for the reduced rate and 0% on zero-rated supplies will still be … Read More

What Sage tax codes should I use for Christmas gifts and entertainment?

Can you believe it’s that time of year again! It feels like it was only 5 minutes ago when we wrote our last Christmas blog about Christmas gift ideas! So here we are again, the festive season is upon us and seeing that we are no longer restricted to what we can do with our colleagues and clients, we thought … Read More

Invoice basis or cash basis for VAT – what’s the difference?

When it comes to the time to register your business for VAT, whether that be because you’ve hit the threshold or that you are opting to register voluntarily, you need to decide whether it will be on an invoice or cash basis*. When we (Sage Accounts Solutions Limited) deliver training or are helping you to setup Sage, we have to … Read More