News Tag Results for "VAT"
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Q3. How long do I need to keep VAT records for?
A: VAT-registered businesses must:
- keep records of sales and purchases;
- keep a separate summary of VAT; and
- issue correct VAT...
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Adjustments to VAT registration and deregistration thresholds
From 1 April 2016, VAT thresholds are to be increased in line with inflation:
The registration limit £83,000 (previ...
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Autumn Budget 2017 - VAT: extending joint and several liability for online marketplaces and displaying VAT numbers online
The existing joint and several liability legislation is to be extended....
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Autumn Budget 2017 - VAT: no change in registration and deregistration thresholds
The VAT registration and deregistration thresholds will not be uprated for a period of two years. There will be...
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Autumn Statement Tax Summary
George Osborne did not have great tidings to impart when he presented his Autumn Statement to the House of Commons on 29 November 2011. The best he could...
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Budget Update - VAT
VAT Rates and Thresholds
There were few changes announced for VAT. The rates and thresholds are as follows from 1 April 2011:
Lower rate - 0%
Reduced ra...
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Cash Basis for Small Businesses
The cash basis was also mentioned in the 2013 Budget announcements, but now we have some more details.
In an attempt to simplify accounting and tax reportin...
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Cross-border Services
You may have heard that the price of electronic books and music will rise on 1 January 2015. This is because electronic services (including e-books and music), will be&nbs...
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EU consultation on ending VAT on eBooks
The future of the chargeable rate of VAT on digital publications and eBooks is under review as the European Commission (EC) has launched a two...
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Flat Rate VAT
The flat rate VAT scheme for small businesses is designed to reduce administration hassle for the businesses that use it, not to reduce the amount of VAT the business pa...
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How does the Flat Rate scheme work?
Broadly, the flat rate scheme for VAT is designed to help small businesses with a turnover of no more than £150,000 a year, excluding VAT, by tak...
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Missing Trader Fraud
This is a type of VAT fraud that costs the UK millions of pounds every year. It works like this...
A VAT registered company based in the UK purchases small high-value ...
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MTD VAT regulations to be available by April 2018
The government has confirmed plans to publish and consult on draft VAT regulations for Making Tax Digital (MTD), with the aim to have the regul...
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Must You Register for VAT?
There is a myth in certain quarters that every legitimate business is required to be VAT registered. This is not the case. Your business (as a sole-trader,...
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Office of Tax Simplification outlines future work plans
The Office of Tax Simplification (OTS) has published a paper outlining its future works programme, identifying areas of interest that the...
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