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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&...
/news/traps-with-the-flat-rate-vat-scheme.htm

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...
/news/vat-on-exports.htm

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,...
/news/must-you-register-for-vat.htm

Changes in accounting for VAT after prices are altered

Changes in accounting for VAT after prices are altered HMRC have published Brief 6 (2019), which describes changes to the rules on accounting for VAT, where the amount paid changes after the VA...
/news/changes-in-accounting-for-vat-after-prices-are-altered.htm

I am a VAT-registered trader and use the flat rate scheme for working out my VAT payments....

Q. I am a VAT-registered trader and use the flat rate scheme for working out my VAT payments. I receive a small amount of rental income each month which I include in turnover to calculate the VAT d...
/news/i-am-a-vat-registered-trader-and-use-the-flat-rate-scheme-for-working-out-my-vat-payments-.htm

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...
/news/making-tax-digital-timetable.htm

Flat Rate Scheme for VAT

Q. I have recently registered for VAT. Although my turnover is only just above the VAT registration threshold, I anticipate that it will now increase year-on-year. How does the flat rate scheme for...
/news/flat-rate-scheme-for-vat.htm

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...
/news/budget-update-vat.htm

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...
/news/considering-capital-expenditure.htm

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...
/news/splitting-businesses-to-avoid-vat.htm

Deregistering from VAT

Deregistering from VAT As a result of the Covid-19 pandemic, many businesses are currently experiencing reduced turnover. In many cases, where a business is VAT-registered, some owners are aski...
/news/deregistering-from-vat.htm

FAQ

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...
/faq.htm

Do I need to charge my residential tenant VAT?

Q. My company bought a retail premises 18 months ago and I am VAT registered. I now want to let the flat upstairs to a residential tenant. Do I need to charge her VAT? A: No, as letting residen...
/news/do-i-need-to-charge-my-residential-tenant-vat.htm

I am a sole trader trading as a graphic designer...

Q. I am a sole trader trading as a graphic designer. I am voluntarily registered for VAT and I have several commercial clients who are also registered for VAT. Due to the coronavirus outbreak my gr...
/news/i-am-a-sole-trader-trading-as-a-graphic-designer.htm

How long do I need to keep VAT records for...

Q. 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 correc...
/news/how-long-do-i-need-to-keep-vat-records-for.htm
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