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VAT Initiative Starts

VAT Initiative Starts   Last month we warned you the Taxman was planning a campaign to encourage businesses to register for VAT. The Taxman is calling this campaign the 'VAT Initia...

VAT Advice

VAT Advice VAT (Value Added Tax) and how this could impact your business Did you know there are different ways to account for and pay VAT that could have a significant impact on both your p...

Flat Rate Scheme

Flat Rate Scheme   If your VAT taxable turnover is less than £150,000, you could simplify your VAT accounting by calculating your VAT payments as a percentage of your total VAT-inc...

VAT Registration Advice

VAT Registration Advice It's one number (£77,000 from 1 April 2012), so why is so easy to get it wrong? We are talking about the compulsory VAT registration threshold in the UK. ...

How does the Flat Rate scheme work?

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...

VAT Flat rate scheme: changes have taken effect

VAT Flat rate scheme: changes have taken effect The VAT flat rate scheme (FRS) is used by many small businesses to help simplify their VAT reporting obligations. Businesses could often gai...

Further MTD guidance published

In response to calls for additional clarity from businesses and their representatives, HMRC have published further information on Making Tax Digital (MTD) to support them with preparation in the ru...

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 (MTD)

The Making Tax Digital (MTD) pilot opens to all The Making Tax Digital (MTD) pilot has been opened up to all businesses that will be mandated from April 2019 (i.e., the first VAT accounting per...

Reclaiming VAT

Reclaiming VAT   Before you can reclaim VAT on goods and services you have bought you need to check the following: 1. The purchase was for business purposes - not for your personal...

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...

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 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 ...


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...

Annual Accounting Scheme

Annual Accounting Scheme   Using the Annual Accounting Scheme, you pay VAT on account throughout the year in nine monthly or three quarterly instalments. These instalments are based on t...
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