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&…
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. &…
Finally the month for submission of VAT returns via MTD arrived and we survived. Months and months of talking about it, reading about it and watching webinars. Then we just had to get on with it.
Whilst we are still part of the EU VAT registered businesses which supply goods to a customer in a EU country must charge VAT at the standard UK rate. However if that customer is VAT registered, as long as they provide you with their VAT number…
Some businesses do not want to become VAT registered because they think it is too complicated to do VAT returns. It is quite straightforward especially now that VAT returns can be submitted directly from your accounts software. &#…
