Finance & Accounting>VAT
Self-serve Time to Pay for VAT
For some time, taxpayers within Self Assessment have been able to set up a TimetoPay arrangement online, allowing them to pay their tax bill in
September 7, 2023
Do we need to register for VAT?
If you make VATable supplies, you will need to register for VAT if your taxable turnover reaches the VAT registration threshold. The VAT registration threshold
August 30, 2023
VAT option to tax changes
The typical situation where ‘opt to tax’ could be used is where a commercial property is purchased for renting. As a new commercial property, VAT
August 6, 2023
Beware the new VAT late submission penalties
A new penalty regime was introduced for VAT from 1 January 2023. The new regime comprises late submission penalties and late payment penalties. Here we
June 20, 2023
Finance & Accounting
When is a VAT invoice not a VAT invoice?
Need professional accounting service or accounting advice? Contact us to book a 15-min Free Consultation with us today. To find out more please follow us on Facebook,
April 30, 2023
Finance & Accounting
Discounts for employees – A taxable benefit in kind?
Pre-pandemic, giving discounts to employees was invariably only offered by the larger companies. However, because employee benefit schemes save the employer money, many SMEs are
April 30, 2023
Finance & Accounting
When should a business leave a VAT scheme?
Post-pandemic, many businesses are finding that their trading circumstances have changed such that the non-standard VAT scheme under which the business is registered is no
March 7, 2023
Finance and Accounting
VAT bad debt relief
If you are a VAT-registered business you must charge VAT when you make taxable supplies. You must also pay over the difference between VAT you
November 21, 2022
Finance & Accounting
Reclaiming VAT on a car – notoriously difficult to claim.
The VAT tax rules are clear – input tax cannot be claimed on the purchase of a new or used car that is made available
November 4, 2022
Finance & Accounting
Is it worth registering for VAT voluntarily?
You must register for VAT if your VAT taxable turnover for the last 12 months exceeded the VAT registration threshold of £85,000, or if you
October 21, 2022
Finance & Accounting>Employment Allowance
Managed lets – is VAT due on recharged expenses
If you use an agent to manage a let property, they may incur expenses, such as repairs and cleaning costs, on your behalf and recharge
August 11, 2022
Finance & Accounting>Finance & Accounting
Pros and cons of the VAT flat rate scheme
The flat rate scheme offers VAT registered traders who meet the eligibility conditions a simpler way to work out the VAT that they need to
July 8, 2022
Finance & Accounting>Finance & Accounting
MTD for VAT for all
Under Making Tax Digital (MTD) for VAT, VAT-registered traders must keep electronic records and file their VAT returns electronically using software that is compatible with
April 4, 2022
Finance & Accounting>Finance & Accounting
Interest on VAT repayments from HMRC – the current rules and proposed abolition of repayment supplement.
Under current rules, if a VAT return shows that a repayment is due then HMRC should repay within 30 calendar days of receiving the business’s
March 28, 2022
Finance & Accounting>Finance & Accounting
Completing a VAT invoice – what entries are required?
When a customer purchases an item or service from a business an invoice confirming the amount to pay should be raised either at the time
February 25, 2022
Finance & Accounting>Finance & Accounting
VAT flat rate scheme – is it worthwhile?
The VAT is a simplified scheme that can save work. Instead of working out the VAT that you need to pay over to HMRC by
January 29, 2022
Finance & Accounting>Finance & Accounting
New reduced rate of VAT for hospitality and leisure
The hospitality and leisure industry were particularly hard hit by the effects of the Covid-19 pandemic and associated lockdowns. To help the industry recover they
November 17, 2021
Finance & Accounting>Finance & Accounting
Get ready for the next steps of Making Tax Digital
Making Tax Digital (MTD) is a government programme to move to a digital tax world.HMRC’s stated ambition is to become one of the most digitally
October 8, 2021
Finance & Accounting>Finance & Accounting
Do I need to register for VAT?
You must register your business for VAT if your VAT taxable turnover exceeds the registration threshold. This is currently £85,000. You must register if: at
August 23, 2021
Finance and Accounting
When might HMRC demand a VAT security deposit?
The vast majority of businesses pay their tax bills on time however, any that are finding it hard to make payment in full and/or on
August 2, 2021