MELROSE PUBCARE

Tel: 01454 419262 | Fax: 01454 850903
Email: melrose@pubcare.co.uk

Category Archives: VAT

What is MGD?

MGD stands for Machine Games Duty. It is a tax that came into force on 1st February 2013 and replaced the Amusement Machine Licence Duty and the payment of output tax on machine income.
How is it Calculated?
MGD is calculated on the gross takings of the machine at different rates. The three current rates are:

Machine Type
Cost to play
Prize
Rate you pay

Type 1 – lower rate
20 pence or less
£10 or less
5%

Type 2 …

BEWARE! HMRC VAT Inspections on the Rise!

The taxman is busy looking to maximise tax income…..

HMRC are assigning VAT officers to random business’ to inspect your VAT records and make sure you’re paying  or reclaiming the right amount of VAT. These inspectors usually contact you to arrange a visit and generally give you seven days notice; however, this is not required!

Every visit is different, but they usually want to check your invoices to ensure that the correct …