If your business is registered for VAT, you must keep certain records by law. Read this article to find out what records you must keep and for how long.

The VAT registration threshold increased to £90,000 on 1 April 2024 and the deregistration threshold to £88,000. Read this article to find out when you must now register for VAT and when you can deregister.

Read this article to make sure you are recording the VAT reverse charge correctly

Read this article to find out what happens if a business registers for VAT late.

If you make taxable supplies for VAT, you will need to register for VAT if your taxable supplies exceed or will exceed the VAT registration threshold. Read this article to find out when you must register and how to register.

The VAT flat rate scheme can save work, but may cost you money. Read this article to find out why. #VAT #flatratescheme #limitedcostbusiness

HMRC is introducing new penalties for VAT returns that are submitted late. These replace the old default surcharge system. The penalties apply to all returns, even if it is a nil return or a return that claims a repayment from HMRC. This new regime will affect all VAT periods starting on or after 1 January 2023.

Read this article to find out whether it is beneficial to register for VAT voluntarily #VAT #voluntaryregistration

The VAT flat rate scheme is a simplified scheme that can save work. Instead of working out the VAT that you need to pay over to HMRC by deducting input VAT from output VAT, you pay a fixed percentage of your VAT-inclusive turnover. The percentage depends on the nature of your business.

VAT cannot be recovered on business entertainment expenditure. This includes the gratuitous provision to customers or clients of hotel accommodation, food and drink or tickets to events.

Most purchases carry a VAT charge. Value Added Tax (VAT) is levied on most business transactions and on many goods and some services.

The treatment of car motor expenses for VAT purposes can be quite complex.

Under the cash accounting scheme you account for VAT on the basis of payments you receive and make, rather than on invoices you issue and receive. The main benefit of this scheme is that you don't have to pay VAT on invoices you have issued until your customers pay you, although it also means you can't reclaim VAT on purchases until you pay your suppliers. You get automatic bad debt relief because, if no payment is received, no output tax is due.

With the Annual Accounting Scheme you complete one VAT return per year instead of each quarter. The advantages of using the scheme are that...

Only one VAT return is required per year and you have two months in which to complete it.

Cash flow is helped by regular monthly payments.

You can choose the VAT return year that you want.

Many businesses need to start preparing for the major changes that the government’s Making Tax Digital project will impose from April 2019. Preparation for these changes will take time, additional support, and for some businesses the implementation of new accounting software and processes. Therefore it is important to involve your accountants now as they can help facilitate, support, recommend and implement changes to make the transition as smooth as possible.