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 tax code should I use for the ICO fee?

The amount you pay to ICO for your data protection fee depends on the size of your business. They also take into consideration your turnover and business structure. This can be any amount from £40 to £2,900. Is the fee subject to VAT? The ICO website states: “No. Statutory fees are outside the scope of VAT, so no VAT is … Read More

Useful Information regarding UK and EU Countries Transitions

If you move goods between the UK and countries within the EU, you will need to follow the new customs and tax rules. We understand how challenging it can be for many businesses, so we have outlined some information below to help you navigate and manage this change. Useful Resources HMRC have support available to help businesses understand the new … Read More

What VAT Code should I use for bank charges paid?

At Sage Accounts Solutions we get so many questions about tax codes. We’ve had lots of recent questions arise in our Facebook Groups too, where like minded Sage users hang out and help each other with queries just like this. If you’re not already a member, then please join us! What code should you use for bank charges paid? It … Read More