by VelocityAS | Feb 1, 2021 | VAT
The domestic VAT reverse charge for building and construction services finally comes into effect on 1 March 2021. The start date was originally 1 October 2019, but it was postponed by one year until 1 October 2020 to allow those affected more time to prepare. The... 
by VelocityAS | Jan 2, 2021 | Brexit, Business, Tax, VAT
The Brexit transitional period came to an end on 31 December 2020. As a result, new rules apply from 1 January 2021. As the situation is evolving, it is recommended that you check the guidance on the Gov.uk website regularly. EORI number From 1 January 2021 you will... 
by VelocityAS | Oct 28, 2020 | Business, COVID-19, HMRC, Tax, VAT, Winter Economy Plan
In his Winter Economy Plan, the Chancellor, Rishi Sunak, unveiled measures which will allow self-assessment taxpayers and VAT-registered businesses more time to pay back deferred tax. New Payment Plan for VAT At the start of the pandemic, VAT-registered business could... 
by VelocityAS | Oct 28, 2020 | VAT
Postponed VAT accounting is being introduced from 1 January 2021. This will affect you if you are VAT-registered and you import goods into the UK, particularly if you are a smaller business and you do not currently use the Duty Deferment Scheme. Postponed VAT... 