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Matching "VAT" Tag

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The Christmas and New Year break is a good time to reflect on all that is good and not so good with your business. Business owners have chance to step back and take time to look at what works, what doesn't and what could be better as well as planning for the coming year.…
HMRC have produced clear guidance on what individuals and businesses will need to do when we have left the EU on 1 January 2021.  There is an HMRC tool to use which will give specific information for your own personal or business circumstances which can be found here.  …
Businesses who deferred their VAT payment which was due to be paid between 20 March and 30 June now have 3 options for payment.…
When maintaining your accounts records becomes too much as your business grows and you realise you need some help how do you find someone to help?…
Today I took on a new client.  They telephoned last week wondering what to do as they had just gone over the VAT threshold.  They were nervous about what that entailed and concerned they wouldn't know what to do.  I spent some time talking them through being VAT registered, keeping accurate records and…
Becoming VAT registered can be a little daunting for those new to business.  It means keeping your accounts records organised and and up to date and ensuring that you have VAT receipts for all the business expenses you want to claim back VAT on.  It also means that you need to know whether the products or services you sell should have VAT added.…
During the current crisis HMRC has allowed VAT registered businesses to defer paying their VAT liability for the period between 20 March and 30 June 2020.  This deferment applied to VAT periods ending 29 February, 31 March and 30 April where payments would be due by 7 April, 7 May and 7 June. That deferment period is now finished…
There are lots of things to remember about VAT when you are VAT registered.  Here are ten things about VAT which you may not know. …
The VAT Flat Rate scheme is available to businesses with turnover up to £150,000 per annum. It is advantageous to small businesses as the VAT payable to HMRC is calculated as a percentage of gross sales rather than 20% of net sales less 20% of VATable purchases. It makes calculating VAT due much more straightforward, record keeping is easier AND you are likely to pay less. Always an advantage!…
VAT records must be kept  for six years although HMRC are only allowed to adjust returns going back four years plus the current period.  However if you have purchased land or buildings you may need to keep relevant documents for 20 years.   But what VAT records do you need to keep?…
36 articles 
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