VAT

One of my clients asked me last week if they still needed to be VAT registered. Their business has changed now they no longer have an employee to help them.  So I took some time this morning to calculate whether they would be better off de-registering for VAT.  There are a number of factors to take into account when doing this…

Whether you are a new business or an established business it is always worth putting some thought into when is the right time to become VAT registered. New business owners often think that they have to become VAT registered…

All growing businesses will become VAT registered. It is not daunting. You just need to become organised with your record keeping and remember your VAT return deadlines. So what should you know about becoming VAT registered? …

From April 2019 VAT registered businesses who have a turnover over the VAT registration threshold (currently £85,000) must use accounting software to file their VAT returns.  If your turnover is over £85,000 you will no longer be able to use the Government Gateway to file a return.  The only businesses which will be exempt from complying with this regulation …

It has been about 5 years since one of my clients had a visit from a VAT inspector. It always comes as a bit of a shock when they do want to arrange a visit especially as I was just about to go on holiday and they wanted the visit the week I got back!  There is, of course, always concern that they have a specific reason for visiting which they are not going to tell you about until they arrive!  This VAT inspection was with a business which hasn't had a visit for almost 20 years even though it has quite a complex VAT situation.  …

Did you know you can choose which VAT Scheme you use to report VAT? There are several to choose from and it is worth considering which one is best for your business and for your cash flow. …

The VAT registration threshold will remain at £85,000 for the next two years until April 2020.  Businesses with sales of £85,000 in a 12 month period must become VAT registered unless their sales are exempt from VAT.   But if you are VAT registered and your income falls below the VAT deregistration threshold of £83,000 you can voluntarily deregister for VAT. …

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 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…