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VAT in 60 Seconds

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Sarah Baron - Menzies Accountant

Sarah Barron
VAT Specialist

DD: +44 (0)1489 566298

Sean Turner

Sean Turner
VAT Specialist

DD: +44 (0)207 465 1908

Menzies VAT team have put together a 60 Second Update, with the aim of highlighting topical issues which you may want to look at in more detail.

If you would like to discuss any of the above in greater detail, please contact Menzies’ team of specialist VAT Advisers.

MTD Digital Links

The next stage of the VAT MTD project is that all businesses which are required to file by way of MTD most ensure that their underlying records are compliant. That means they must have all different sources of data which feed into the VAT return connected by digital links. No manual input is allowed after the prime entry goes on the system.

The deadline from which penalties will become payable has been extended to 1 April 2021, in light of the current situation.

Fuel Scale Charge rates

New rates of scale charge were published on 20 April. These should be used for VAT return periods beginning after 1 May 2020.

Reverse charge construction services

The Domestic Reverse Charge on construction services (DRC) is still scheduled to commence with effect from 1 October 2020. Having originally been due to commence in 2019, a delay was announced to enable HMRC and advisers to provide greater guidance and create awareness of the upcoming changes.

It has to be assumed that the changes will take place in October, despite the current situation, and businesses in the construction sector should continue to prepare.

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