VAT on land and buildings
When purchasing commercial premises you need to know whether VAT will be added to the price as the stamp duty land tax charge (or similar taxes in Wales or Scotland) is calculated on the VAT inclusive value.
VAT on work in pharmacies
From 1 May 2023 medical services can be VAT exempt if they are performed by a person who is not a registered health professional but who is directly supervised by a pharmacist.
Sales till manipulation
Traders who have used electronic sales suppression (ESS) software are in serious trouble as HMRC view this as tax fraud which is a criminal offence.
New VAT late-filing penalties
All VAT returns must now be submitted digitally using MTD compatible software (unless the business has an exemption) so the VAT penalties have been revised to fit with this new regime.
New VAT late-payment penalties
In addition to the new penalties for late VAT returns there is also a new system of penalties for late paid VAT.
VAT changes
The VAT registration threshold has already been frozen at £85,000 since April 2017 and it will now be fixed at that level until April 2026.