HMRC have launched a new tool aimed at businesses which are considering registering for VAT. The tool will estimate the impact of registration on the business, including amounts of VAT that might need to be paid or reclaimed. In order to use the tool, businesses will need access to sales and costs figures and will also need to understand how VAT applies to different goods and services, and what proportion of their income and costs are exempt or outside the scope of VAT.
Separately, HMRC have confirmed that, from 5 August 2024, any request to change a client’s VAT registration details should be made using the Agent Services Account. The VAT484 form will no longer be accepted, except in limited circumstances (eg digital exclusion). HMRC are to update their guidance, Change your VAT registration details, from August 2024.
HMRC have launched a new tool aimed at businesses which are considering registering for VAT. The tool will estimate the impact of registration on the business, including amounts of VAT that might need to be paid or reclaimed. In order to use the tool, businesses will need access to sales and costs figures and will also need to understand how VAT applies to different goods and services, and what proportion of their income and costs are exempt or outside the scope of VAT.
Separately, HMRC have confirmed that, from 5 August 2024, any request to change a client’s VAT registration details should be made using the Agent Services Account. The VAT484 form will no longer be accepted, except in limited circumstances (eg digital exclusion). HMRC are to update their guidance, Change your VAT registration details, from August 2024.
