Finance & Accounting>VAT

Most VAT-registered business can use the flat rate scheme if it is expected that VAT taxable turnover in the next 12 months to be £150,000 or less. Read this short blog to see if your business would benefit from switching to the FRS.

FRS for VAT – Who is it for? The VAT flat rate scheme (FRS) is used by many small businesses to help simplify their VAT reporting obligations, although some VAT…

Continue Reading Most VAT-registered business can use the flat rate scheme if it is expected that VAT taxable turnover in the next 12 months to be £150,000 or less. Read this short blog to see if your business would benefit from switching to the FRS.

The delayed start date for the domestic reverse VAT charge has given businesses an extra year to prepare for the charge. We explain what you can do to prepare.

Domestic reverse VAT charge for building and construction services The domestic reverse VAT charge for building and construction services was due to come into effect from 1 October 2019. However,…

Continue Reading The delayed start date for the domestic reverse VAT charge has given businesses an extra year to prepare for the charge. We explain what you can do to prepare.

Even if your business hasn’t reached the £85,000 turnover threshold, there are some benefits to registering for VAT early.

VAT registration – sooner or later? Once a business is up and running, the next major administrative area to be faced often concerns the subject of VAT. At first glance,…

Continue Reading Even if your business hasn’t reached the £85,000 turnover threshold, there are some benefits to registering for VAT early.

Inspired by Grand Designs? You are entitled for a VAT refund if you build your own home.

VAT refunds for DIY builders If you build your own house or convert an existing property into a home, you may be eligible to apply for a VAT refund on…

Continue Reading Inspired by Grand Designs? You are entitled for a VAT refund if you build your own home.

Do you run a business? Should you register for VAT? What are the conditions? We answer all these questions here

All traders – whether sole traders, partnerships, or limited companies – are obliged to register to charge and pay VAT once annual sales reach a pre-set annual threshold. This threshold…

Continue Reading Do you run a business? Should you register for VAT? What are the conditions? We answer all these questions here