Are you sure you want to delete your account?
You have indicated you do not agree to our terms of use, do you wish to delete your account?
Login
person
lock_outline
Why not sign up?

You will also be registered for the agent to contact you via other means you provide, with information relevant to your property search.

Register
There was an error creating your account, please try again. If the problem persists, please contact us and we will investigate.
Password does not match
How would you like to be contacted?

Bookkeeping / VAT Returns

Bookkeeping

Get cash quicker!

A strange thing to say but BOOKKEEPING IS REALLY IMPORTANT!

All businesses need information to succeed and accurate books are the bedrock of that. Better by using modern technology like QuickBooks or Xero and cloud accounting we can give you real time accurate information.

The quicker you raise an invoice the quicker you get paid.

Outsource your bookkeeping to us to allow you to spend more time running your business.

Click here if you would like us to assist you with your bookkeeping.  

VAT

Is complex. It is very easy to get wrong & very easy for it to eat up lots of your time.

Worse – a major Government change – Making Tax Digital is here. You will have to comply & this starts with VAT. It will be expensive & onerous for you to do this alone but we can do this for you quickly, cheaply & accurately.

We also deal with more complex VAT:

  • Select the best scheme for your business – Flat Rate/Cash Accounting
  • Business structure for Zero Rated or Exempt Supplies
  • Property advice – elections to tax or not
  • Complex reclaims
  • Partial exemptions
  • Negotiations with HMRC
  • Tribunals
  • Tax Investigations

For import/export businesses and those that supply digital services we can also help with your EC Sales List & Mini One Stop Shop (MOSS) reporting requirements.

We always offer the first meeting free with no obligations to commit

                      ​​​​

HMRC VAT Deferral New Payment Scheme

HMRC have announced a new VAT deferral payment scheme for VAT payments still outstanding from the payment period 20th March 2020 to 30th June 2020. The VAT deferral new payment scheme is open from 23 February 2021 up to and including 21 June 2021 and allows you to pay your deferred VAT in equal instalments, interest free; and choose the number of instalments, from two to 11 (depending on when you join).

Anyone on the VAT Annual Accounting Scheme or the VAT Payment on Account Scheme will be invited to join the new payment scheme later in March 2021.

To use the online service to register for the scheme, VAT registered businesses must:

  • have their own Government Gateway account with VAT registered as a service
  • join the scheme themselves, as an agent or accountant cannot do this on their behalf
  • still have deferred VAT to pay
  • be up to date with their VAT returns
  • join by 21 June 2021
  • pay the first instalment when you join and
  •  pay instalments by direct debit (if want to use the scheme but cannot pay by direct debit, there’s an alternative entry route for you).

If you join the scheme, you can still have a Time to Pay arrangement for other HMRC debts and outstanding tax.

If you join by: Max No. of installments
19-Mar-2111
21 April 2021 10
19-May-219
21-Jun-218

If you want to join the new payment scheme, but cannot use the online service, contact HMRC’s Covid-19 helpline from 23rd February 2021 on 0800 024 1222.

Interest and/or a penalty may be charged if you do not pay the deferred VAT in full by 31 March 2021 or opt into the new payment scheme by 21 June 2021 or agree extra help to pay with HMRC by 30 June 2021.
 
Further guidance can be found at https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19 

If you have any queries regarding any of the above please do not hesitate to contact us, call us on 020 8661 7878 or e-mail bsg@turpinba.co.uk or fill out or contact form here.
read article

NEW VAT RULES FOR CONSTRUCTION SECTOR – EFFECTIVE 1 MARCH 2021

Introduction
HMRC are introducing new VAT rules “domestic reverse charge for supplies of building and construction services” effective 1st March 2021.

The new “reverse charge” system of VAT accounting will affect sub-contractors supplying their services to other contractors in the construction sector with a wide range of services in the building trade, primarily those activities covered by the construction industry (CIS) payment rules, unless the customer is a domestic customer or other “end users” as defined under the scheme (where VAT invoices will continue to be issued as normal).

Under the new rules, supplies of standard or reduced-rated building services between VAT-registered businesses in the supply chain will not be invoiced in the normal way. The sub-contractor will not charge VAT on their invoice to the contractor for whom they are working and will not account for output VAT, although they will identify the rate and amount of VAT due and notify their customer that the VAT must be accounted for by them on their VAT return.  The sub-contractor will then be paid only the net value of the work done without the VAT.

The contractor receiving supplies from the sub-contractor will be obliged to enter the VAT identified on their sub-contractor’s invoice in box 1 of their VAT return as well as claiming this back in box 4 of the return.

This is intended to ensure that VAT is correctly accounted for on supplies by sub-contractors, some of whom were allegedly fraudulent businesses not paying over the VAT charged to HMRC.

How to prepare for the changes
It is important to make sure your accounting systems and software can deal with the reverse charge. You should also consider whether the change will impact your cash flow and most importantly - make sure all your staff who are responsible for VAT accounting are familiar with the reverse charge and how it will work.

Who does the reverse charge apply to?
Typically it will affect sub-contractors supplying their services to other contractors in the construction sector on a supply and fit or labour only basis (but not to labour agencies).

This applies if the services provided are:
  • standard rated or reduced rated, and
  • within the scope of CIS.

Using the reverse charge - suppliers
You must use the reverse charge from 1 March 2021, if you are VAT registered in the UK, supply building and construction industry services and:
  • your customer is registered for VAT in the UK.
  • payment for the supply is reported within the Construction Industry Scheme (CIS).
  • the services you supply are standard or reduced rated.
  • you are not an employment business supplying either staff or workers, or both.
  • your customer has not given written confirmation that they are an end user or intermediary supplier.
The practical steps you will need to take are:
  • Check if your customer has a valid VAT number.
  • Check your customer’s CIS registration.
  • Review your contracts to decide if the reverse charge will apply and tell your customers.
  • Ask your customer to confirm whether they are an end user or intermediary supplier.
  • Make arrangements to alter your invoicing to identify the rate and amount of VAT due but not to charge it to your customer, also ensuring that a narrative appears on the invoice instructing the customer to declare the VAT on their VAT return.
  • Find out how to record the reverse chargeable transactions in your accounts. 
  • Analyse the impact of the new rules on your cash flow and consider applying for monthly VAT returns. 
If you are a sub-contractor you should also be aware that your customers will no longer be paying you VAT, which will reduce the gross value of payments coming into your business, so you should consider and plan for the impact of this on your day-to-day cashflow.
If you are a sub-contractor using the VAT flat rate scheme, it may be beneficial to leave that scheme as you may be entitled to a VAT refund on your expenses from 1 March 2021.

Using the reverse charge - customers
You must account for the reverse charge from 1 March 2021, if you are VAT registered in the UK, receive supplies of building and construction industry services and:
  • your supplier is registered for VAT in the UK.
  • payment for the supply is reported within the Construction Industry Scheme (CIS).
  • the services you receive are standard or reduced rated.
  • your supplier is not an employment business supplying either staff or workers, or both.
  • you are not an end user or intermediary supplier who has notified your suppliers of that fact.
The practical steps you will need to take are:
  • Check if your supplier has a valid VAT number.
  • Check your supplier’s CIS registration.
  • Review your contracts to decide if the reverse charge will apply and tell your suppliers you will not accept normal VAT invoices.
  • Make arrangements to account on your VAT returns for the VAT identified as due to HMRC on your suppliers’ invoices.
  • Ensure that you refuse any normal VAT invoice issued to you by a sub-contractor where the reverse charge should be applied.
  • Make arrangements to pay only the net value of the work to your sub-contractors.
  • Find out how to account for the reverse charge transactions in your accounts. 

Useful links
https://www.gov.uk/guidance/vat-reverse-charge-technical-guide#when-to-check-if-your-customer-is-vat-and-construction-industry-scheme-registered-or-an-end-user


Annex 1 – HMRC Supplier Flowchart
Annex 2 – HMRC Customer Flowchart


If you have any queries regarding any of the above please do not hesitate to contact us, call us on 020 86617878 or e-mail bsg@turpinba.co.uk or fill out or contact form here.
read article

Bonfire your VAT

Remember, remember the 5th of November,  around the corner is December.  Blink twice and  Christmas will  be here……...
Don’t leave it too late.

Then New years  with reminiscing of gifts and what the year bought, looking forward and resolutions……….                      
Don’t leave it too late.

A handy check list  of what you need to prepare for your VAT:

1) Bank statements, October—December for each account, paper or electronic format. Make your bookkeepers life easier and get on board with QuickBooks, not forgetting MTD is round the corner (ask for a Quickbooks demo)

2) Purchase and sale invoices

3) Cash receipts

Bonfire your VAT


Photo taken at Brockham bonfire night 3.11.18
read article

SIGN UP TO RECEIVE OUR NEWSLETTER

Sent straight to your inbox, with all the latest insolvency industry news

THANK YOU!

WOULD YOU LIKE TO PROVIDE US MORE INFORMATION?






Making Tax Digital





View more





Code of Practice 9





View more





Blog





View more





Other Services





View more