

VAT Fraud: Scope, Penalties, VAT Rights, and Report Procedure
What causes VAT fraud, its types, penalties, and how to report one? All these will be covered in this article. Read on to find out!
Value-Added Tax is the additional cost charge to the purchased product. The articles provided in this category explain how the concept works and what are the rules behind it. It also discusses the different types of VAT and when each should be applied.
If you have any concerns or further questions that are not covered so far by the given articles, feel free to send us a message or book an appointment with our experts to discuss your concern. It’s an honour to help and guide you on this matter.
What causes VAT fraud, its types, penalties, and how to report one? All these will be covered in this article. Read on to find out!
As a business, you are seemingly charged VAT on most of the services and products you purchase. That implies charging your clients VAT, keeping VAT records, and paying the VAT you’ve gathered to HMRC.
One of the more convoluted aspects of VAT is the treatment of construction work in the construction industry. The construction VAT rates for new structures is charged at the zero rate of VAT, given that the building is to be used for a social reason.
VAT is often much simpler than it is generally portrayed, but this does not mean it should be taken lightly. The standard method of paying VAT is known as the Standard Rate Scheme.
When most items or services are sold, VAT is added to the original deal cost, ordinarily at a pace of 20%. Be that as it may, certain items and services are exempt from VAT.
Is there any way for claiming back VAT? Imagine you are paying VAT on different goods and services but you have no awareness about how to claim the VAT back! Then you are at a loss. So let’s go through some basic details.
All of the items that are either purchased or on sale have a specific amount of tax on them. This tax may be called VAT.
Our Experts
Fahad is a Chartered Certified Accountant (ACCA), with a motto “When “why” is clear, “how” is easier”. He is proficient in numeracy and impassioned with giving concise advice to a wide range of clients.
Junaid has been instrumental in the achievement of our success across various regions and he specialises in business management, accounting and tax advisory services.
Faizan is good at providing well-thought-out strategies and solutions to complex problems in Business Development which makes him a proficient overseer of our clients.
The quickest way from A to B is usually a conversation. So, if you want to find out more about how Legend Financial can boost your business, get in touch. We’ll give straight answers so you can make a confident decision, fast.
On 22 November 2023, Chancellor of Exchequer Jeremy Hunt announced the Autumn Statement for the year, alongside the Office for Budget Responsibility’s (OBR) economic forecasts.
What causes VAT fraud, its types, penalties, and how to report one? All these will be covered in this article. Read on to find out!
This article focuses on the various ways individuals in the UK can cut their income tax bill on their investment profits. They include National Savings and Investments (NS&I), Individual Savings Accounts (ISAs), Junior ISAs, Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS), Venture Capital Trusts, Self-Invested Personal Pensions (SIPPs), and Small Self-Administered Schemes (SSASs).
This article covers all that you need to know about eCommerce VAT from registration, penalties, rates, international protocols, to new EU VAT regulations.
Why is accounting and bookkeeping the backbone in your ecommerce business? And how do you get started selling online? This article provides a quick guide to these.
LET’S DO BUSINESS
The quickest way from A to B is usually a conversation. So, if you want to find out more about how Legend Financial can boost your business, get in touch. We’ll give straight answers so you can make a confident decision, fast.