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VAT

20 articles in VAT
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The VAT threshold for 2017-18 is £85,000 which means that if your business has taxable sales equal to or above this amount over a 12 month period you must register for VAT.  For example if these sales from April to March total £80,000 you do not need to register for VAT but if the taxable sales from May to April, just one month later, total £85,000 or more you must register for VAT. Taxable sales are goods or services you sell which have a tax rate of 0% or 20%.  If you sell goods or services which are exempt or outside the scope of VAT then you do not need to register for VAT.…
As your business grows there will come a time when you will need to register for VAT. In 2016-17 if your turnover reaches the threshold of £83,000 within a 12 month rolling period you have 30 days in which to register for VAT to avoid a penalty. Many businesses keep their turnover below the threshold…
The Chancellor's Autumn Statement announced a change to the Flat Rate VAT Scheme which many small businesses use to simplify their VAT record keeping. …
If you are a VAT registered business you should always be prepared for a VAT inspection. Do you keep your accounts records up to date so you can instantly lay your hands on the paperwork the VAT Inspector is asking for?…
If you are a VAT registered business and you or your staff reclaim mileage for business travel in your own vehicle did you know that you can claim VAT on the fuel element of that mileage? Every quarter HMRC update the advisory fuel rates – see here for the current rates. …
HMRC have increased the threshold for VAT registration to £83,000 for the year 2016-17. The threshold was £82,000 for 2015-16. If your turnover will reach this threshold over a 12 month period then you must register your business for VAT. This equates to a monthly turnover of around £6,900. You should…
If you are intent on growing your business at some stage you will have to become VAT registered. It is surprising how many people don't want to grow their business because they are concerned that becoming VAT registered will be complicated. …
If you are treating your staff to a Christmas party you should be aware of what is allowable and what is not according to HMRC.…
VAT MOSS, otherwise known as VAT Mini One Stop Shop, is HMRCs online service for declaring VAT on sales to consumers in EUR countries (B2C but not to VAT registered businesses). From 1st January 2015 all businesses supplying digital services…
HMRC have increased the threshold for VAT registration for 2015-16. You must register your business for VAT if you will reach this new threshold over a 12 month period.…
20 articles in VAT
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