What new VAT rules affect me and my business?
15th July 2013
VAT update - new developments you need to know about
Prompt tax returns please
Did you know that HM Revenue & Customs (HMRC) will now charge interest and surcharges in addition to the tax due if you fail to make your returns on time?
Have you been asked for security?
HMRC can ask you for security when registering for VAT.
Did you know if the security is not paid and taxable supplies are made, this is a criminal offence and the penalty for each transaction can be a £5,000 fine?
If you have been asked for security, we can help ensure you meet your VAT requirements and may be able to reduce the amount of security required. Read more
Other developments include claiming refunds, ticket booking fees and hotel catering. For more information, read the full update here.
If you are affected by anything we’ve mentioned, we can give you advice and assistance to ensure you are meeting all the requirements and avoiding penalties and surcharges.
Please ask us for details.