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[…]

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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[…]

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Charity taxation

If you are involved with running a charity, you should be aware of the special accounting and tax provisions that relate to charities. A charity must usually be registered with the Charity Commission (or Scottish Charity Regulator in Scotland). To register, a charity must meet certain objectives such as to have only charitable causes that[…]

Autumn Statement 2013

Delivering the 2013 Autumn Statement, the Chancellor said the latest forecasts from the Office for Budget Responsibility proved that “Britain’s economic plan is working” but warned that the “job was not done.” But George Osborne stressed that: the deficit is lower but it’s still too high growth is up but productivity is too low businesses[…]

Value added tax

After last year’s controversies regarding VAT on such things as pasties, caravans, self-storage and listed buildings, this has been a fairly quiet year so far regarding VAT changes. The 2013 Budget provided the usual announcements about the new registration and deregistration thresholds from 1 April 2013 (£79,000 and £77,000 respectively) and updated tables for private[…]

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Company car advisory fuel rates and reclaiming VAT

HMRC first published advisory fuel rates in 2002, allowing businesses to reimburse employees for work related travel, or when employees are required to repay the cost of fuel used for private travel, in company cars. HMRC allows businesses to reclaim the VAT element on fuel mileage allowances, as long as they are close to its[…]

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