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Traps with the Flat Rate VAT Scheme

Traps with the Flat Rate VAT Scheme The VAT flat rate scheme for small businesses is generally straight-forward to operate, but here are a few traps to watch out for. Use the right rate&...

VAT on Exports

VAT on Exports The internet has enabled many small businesses to sell internationally, but exporting goods and services can create VAT difficulties. For VAT purposes you need to know wheth...

Must You Register for VAT?

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,...

Making tax digital timetable

Making Tax Digital timetable for mandatory filing VAT-registered businesses with a taxable turnover above the VAT threshold are required to use the Making Tax Digital (MTD) service to...

Budget Update - VAT

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...

Considering capital expenditure?

Considering capital expenditure? Businesses considering investing more than £200,000 in plant and machinery could benefit from a change to the capital allowances rules in January 2019, wh...

Splitting Businesses to Avoid VAT

Splitting Businesses to Avoid VAT Now the standard rate of VAT is 20%, some business owners are tempted to split their businesses into different entities, so the part with non-business customer...


Frequently Asked Questions Q. I have recently started a new job and, for the first time in my career, I have been provided with a company car. I have to pay for fuel for private use but my empl...

Missing Trader Fraud

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 ...

Online VAT Filing Compulsory

Online VAT Filing Compulsory   Are you already filing your VAT returns online? If not, then you need to prepare to switch to online filing as this will be compulsory for all VAT regist...

Reporting EU Sales to HMRC

Reporting EU Sales to HMRC   If your business is registered for VAT in the UK and you sell to VAT registered customers in other EU countries you are required to submit an EC sales list...

VAT Opting to Tax on Buildings

VAT Opting to Tax on Buildings Buildings are generally exempt from VAT, but there are a lot of exceptions to this. A person who holds an interest in a building (freehold or leasehold) can ...

VAT on Incorporation

VAT on Incorporation If the previous business was VAT registered it can pass its VAT number on to the new company under the transfer of going concern rules (TOGC). However, this is not always a...

VAT calculation when buying car/part exchanging van

Q. I am a VAT-registered sole trader. What is the VAT position if I buy a new car for £10,000 and part-exchange my used van for £4,000?   VAT is calculated as follows: ...

MTD (Making Tax Digital) update – When will this be mandatory?

HMRC's pilot of Making Tax Digital (MTD) for income tax has been extended and is now able to accept quarterly updates from individual landlords with simple tax affairs. We as agents can also si...
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