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Certain traders can be made liable for the unpaid VAT of another VAT-registered business when you buy or sell specified goods. HMRC have recently updated VAT notice 726 which advises traders to carry out due diligence into their supply chain.
Under new rules due to come in on 1 October 2019, builders, sub-contractors and other trades associated with the construction industry will have to start using a new method of accounting for VAT.
HMRC have now issued their detailed guidance on the digital record keeping and return requirements for Making Tax Digital (MTD) for VAT.
Has your business become too big for the VAT flat rate scheme?
If you have an unpaid invoice which you consider to be a bad debt, you may be able to reclaim VAT previously declared and paid on the sales.