Digital VAT Record-Keeping: Tools, Pitfalls & Best Practices for UK SMEs Why Digital VAT Record-Keeping Matters Mandatory for MTD: Since April 2022, nearly all businesses over the £90,000 VAT threshold must keep digital records and submit returns using MTD-compatible softw...
Time to Pay and VAT: Managing Cash Flow Crises for UK SMEs Understanding VAT Payment Obligations VAT-registered businesses must submit returns and pay their VAT bills quarterly (most commonly), based on taxable turnover. Missing your VAT payment triggers auto...
VAT on International Trade Post-Brexit: Real Challenges for UK SMEs in 2025 1. Overview of Post-Brexit VAT Changes Brexit ended the UK’s participation in the EU VAT regime, introducing: Separate VAT regimes for the UK and EU. Customs declarations for goods crossing borders. N...
VAT and Artificial Intelligence: How AI Is Transforming VAT Compliance and Audits The Rise of AI in VAT Compliance Traditional VAT management has long been a manual, error-prone process. Businesses must track multiple VAT rates, file returns on time, and ensure every transaction is...
The Environmental Impact of VAT: Could Green VAT Rates Drive Sustainability? What Are Green VAT Rates? Green VAT rates are preferential tax rates—often reduced or zero-rated—applied to environmentally friendly goods and services. The goal is to make sustainable choices more af...
VAT and the Creative Industries: Unique Challenges for Media, Arts, and Gaming 1. VAT Rates and Exemptions: Not All Creativity Is Taxed Equally Standard Rate (20%) applies to most goods and services, including digital downloads, streaming, and commercial licensing. Reduced Rate ...
VAT and Cryptocurrency: Taxing the Digital Frontier 1. Is Cryptocurrency Subject to VAT? HMRC treats cryptocurrency as property, not currency . This distinction shapes how VAT is applied: Buying and selling crypto itself: The exchange of tokens like Bi...
VAT and the Gig Economy: Navigating Compliance for Freelancers and Side Hustlers Who Needs to Worry About VAT? VAT applies to most goods and services supplied in the UK. If your taxable turnover (total sales subject to VAT, not just profit) exceeds the current registration thresho...
UK vs. EU Product Compliance: Key Differences and How to Avoid Pitfalls 1. Regulatory Frameworks: Two Systems, Growing Apart EU: The EU’s product compliance is governed by harmonized regulations such as the General Product Safety Regulation (GPSR), CE marking directives, ...
How to Appoint and Work with an EU or UK Responsible Person: 2025 Compliance Guide What Is a Responsible Person? A Responsible Person is a legal entity or qualified individual based in the EU or UK, officially designated to ensure your products comply with all relevant safety regula...
AI, Digital Services, and Online Safety: New Compliance Frontiers for EU and UK Sellers in 2025 1. The EU AI Act: Raising the Bar for Artificial Intelligence The EU AI Act is the world’s first comprehensive legal framework for artificial intelligence. In 2025, several key provisions take effect:...
Product Recalls and Corrective Actions: Best Practices for EU/UK Sellers in 2025 Why Recalls Matter More Than Ever Regulators across Europe are ramping up surveillance and enforcement. Failure to act swiftly on unsafe products can lead to: Fines up to 4% of annual turnover (EU GPS...