VAT Penalties
All businesses in the UK, with annual turnover above the VAT threshold (currently £85k), are required to register for VAT and charge 20% VAT on their sales. This VAT must then be paid over to HMRC each quarter. Some businesses, however, can get into trouble paying...
VAT cut kicks in for certain sectors
A temporary cut to the standard rate of VAT for businesses in the food, drink, hospitality and tourism sectors has come into force. Chancellor Rishi Sunak used last week’s economic update to announce the measure, which reduces the main rate from 20% to 5% until...