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
Are you ready for the next phase of MTD for VAT?
The next phase of MTD will come into effect from 1st November 2022. You will not be able to use your existing VAT online account to file your quarterly or monthly VAT returns from this date. If this applies to your business, you will need to make sure your software is compatible with MTD and that you are prepared. You … 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
Changes for HMRC customers who pay VAT by Direct Debit
HMRC are in the process of changing their VAT services, this will mean that existing customers will need to be transferred over to a new IT platform. All customers who currently have a Direct Debit set up with HMRC will be affected. What action do I need to take? By law HMRC must have a valid point of contact for … Read More
Changes to wording on VAT returns from 8th April 2021. What’s changed and why?
The way in which VAT returns have been worded has changed, this was implemented as of the tax year 2021/22. The wording will not impact your VAT return or the way you should report. It’s been introduced to measure clarity to the recent changes due to Brexit. If you are using Sage 50 in order to prepare your VAT returns … Read More
What steps do I need to take to prepare for the VAT deferral?
The VAT deferral scheme ended on 30th June this year. In September the chancellor Rishi Sunak confirmed that businesses who opted to defer their VAT between March 2020 and June 2020 will now be able to pay the amount in instalments over a longer period of time. Originally businesses who took advantage of the VAT deferral scheme were due to … Read More
- Page 1 of 2
- 1
- 2
