VAT

HMRC reminds businesses to prepare for MTD for VAT

Businesses should take steps to prepare for Making Tax Digital ("MTD") for VAT before it becomes mandatory for all VAT-registered...

MTD for VAT from April 2022

HMRC has started to write to VAT registered businesses with turnover below £85,000 to alert them to the need to comply with MTD for VAT...

Changes to late payment penalty regime for taxpayers

HMRC has clarified changes to the late payment penalty scheme which will start to come into force from April 2022. There are two late...

VAT liability of charging electric cars

HMRC has clarified the VAT treatment of the supply of electricity for electric cars in a recent brief, outlining when input tax can be...

Small businesses urged to act fast

An estimated 26,000 e-commerce sellers will face £180m in additional red tape costs, as the EU introduces new VAT rules on sales coming...

Deferred VAT deadlines on the horizon

Businesses that deferred VAT payments during the early stages of the pandemic which remain outstanding need to act by the end of June in...

Budget updates - VAT

Extended VAT discount for hospitality The current 5% VAT rate for the hospitality sector, holiday providers and attractions will be...

UK introduces tougher penalties for late payment of income tax

A significantly tougher regime of penalties for late income tax payment was released in the Budget announcement on 3 March. Key Points...

New online service opens for VAT deferral payments

Over 500,000 VAT registered businesses who deferred VAT payments between March and June 2020 now have the opportunity to join the new...

UPDATE - Deferred VAT payment scheme

HMRC have announced that if you have deferred VAT, your payments due between 20 March and 30 June 2020 and still have payments to make,...

Proud to be selected....

In February 2021, Foxmain Associates was selected as one of the UK’s leading accountancy firms by Handpicked Accountants. With over...

HMRC COVID VAT deferral scheme

If you have deferred a VAT payment from April - June 2020, you can: • Pay the deferred VAT in full on or before 31 March 2021; • Opt in...

VAT Registration

Is your business turnover increasing? Do you need to consider registering for VAT? Have you considered which VAT registration? Flat rate?...

Foxmain Associates is a trading name of Foxmain Associates Limited.