Registering for Making Tax Digital for VAT

MTD zero-hour is here The moment has come: if your business has a taxable turnover above the VAT-registration threshold, which is currently £85,000, you’re now obliged to keep records in digital form and to file your VAT returns using HMRC-approved software. You probably got a bit fed up of being reminded about the deadline for[…]

Deregistering for VAT

When and how to begin the process of deregistration These days VAT thresholds are the subject of much speculation, with the Government concerned that many business owners deliberately choose to stay below the VAT-registration threshold. Limiting your ambition in this way might seem counter-intuitive – surely you want your business to get as big as[…]

VAT after Brexit

What could happen to VAT after the UK has left the European Union? On 23 June 2016, the British public voted in one of the most important referendums of modern times. The public’s decision to leave the EU will have an impact on almost every aspect of economic life. Trading relationships will need to be[…]

Posted in VAT

An introduction to VAT

This article looks at VAT for beginners including rates and schemes If you’re expecting your turnover to exceed £82,000 this year, then you’re probably having mixed feelings. On the one hand reaching this figure, the VAT registration threshold, is a sign of success. Many consider this a moment when their fledgling venture can truly be[…]

VAT accounting schemes

This guide looks at how the 3 main accounting schemes work and how they can help businesses. Special VAT accounting schemes for small businesses have been available for a number of years, but they are still underused. The 3 main schemes are: cash accounting, annual accounting and the flat rate scheme. The cash accounting scheme[…]

Posted in VAT