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Getting the VAT treatment right

A Sorry Tale of Misunderstanding

There are three rates of VAT:

  • Standard rate of 20%;
  • Reduced rate of 5%; and
  • Zero rate.

There are also exempt supplies which do not attract VAT, but these are not the same as zero-rated supplies.

For the majority of contractors, the VAT treatment of their sales is straightforward enough, but there may…

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Let it all out

HMRC penalties

Reminder of HMRC’s Let Property Campaign

Each one of our accounting packages gives our clients full, unlimited access to our in-house experts and an important part of their job is keeping our clients informed of the latest changes in tax. Below, we’ve shared a reminder of HMRC’s recently updated guidance for making a disclosure under the ongoing Let Property Campaign.

The Let Property…Read More

Self Assessment – Suspension of HMRC Penalties

HMRC penalties

HMRC penalties could be suspended – conditions apply

Where a tax return contains an inaccuracy that was due to the taxpayer failing to take reasonable care, then that error is deemed to be ‘careless’ and carries a maximum penalty of 30% of the tax lost due to the error. HMRC do however have the power to suspend such penalties where the conditions allow them to.

Suspension…

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