Construction Industry- VAT reverse charges delayed

Construction Industry- VAT reverse charges delayed

Good news for many building contractors last week – the VAT reverse charge which was going to be introduced from next month, and would have meant many businesses in the building industry having to change their systems and check the status of their customers and...
When are VAT payments due?

When are VAT payments due?

When are VAT payments due?  Businesses submitting quarterly VAT returns are required to pay VAT due 1 month and 7 days following the end of the end of the VAT period. For example, a VAT period ending on 31 March will require payment of the VAT liability by the 7 May....
How is VAT calculated?

How is VAT calculated?

How is VAT calculated? The standard rate of VAT 20%. If the goods or services you are supplying are standard rated, then the easiest way to calculate the VAT that you must add is to divide the price (excluding VAT) by 5. For example, if you provide a service for...