Whether you’re starting out in business for the first time or are running a much more established company, VAT compliance can be a tricky business at the best of times – and the customarily intense investigations of the VAT man are unlikely to do much to relieve your stress. The bad news is that there[...] Read more »
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Archive for the ‘VAT’ Category
What is VAT All About?
Value Added Tax is a tax levied by governments on the sale of goods or services. The rate varies by type of good or service provided but the standard rate is 20%. This tax must be added to the price of a product or service before it is sold. VAT is administered by HM Revenue[...] Read more »
VAT Registration Made Simple
Whilst optional for small businesses, larger organisations with a sales turnover in excess of £70,000 per annum (currently) must register for VAT. This turnover assessment is based on a rolling 12 month period and not the business financial year so keeping a close eye on the growth of the business is essential as this level[...] Read more »
Are you prepared for the forthcoming VAT changes?
As from the 4 January 2011 the VAT rate in the United Kingdom will rise to 20%. As such any taxable transactions after that date will have to be at the new rates. There is no doubt that the VAT rate change will have financial impact on businesses. A common forecast is that the new[...] Read more »
Updated flat rate VAT rates
Following on from the Emergency Budget yesterday. HMRC have already updated the flat rate VAT percentages. These commence as from the VAT rise next January 2011. http://www.hmrc.gov.uk/budget2010/bn45.pdf
Flat Rate VAT application Word document
If you are applying for the Flat Rate Scheme, HMRC have the pdf version of the form on most pages, but we have found a word document format which means the client/agent can complete on the computer and save a word version. Flat Rate VAT application in Word
20% VAT under new coalition
24 out of 28 independent Treasury economists have suggested that the VAT rate will rise under the new coalition government. It has been suggested that by the end of 2011 the VAT rate will rise from 17.5% to 20%. This will raise an estimated £11.5 billion! WOW. I suppose they have to get the money[...] Read more »
A Quick Lesson In VAT
Did you know: – If you sell mainly to businesses it may be advantageous to register for VAT even your turnover is lower than the registration threshold (£67,000). Your first VAT return can be used to reclaim VAT paid on stock held at the date of registration, capital items (such as computers or furniture) purchased[...] Read more »
Flat Rate Changes
Businesses operating under the flat rate VAT scheme will need to ensure that as from 1 January 2010 they change their rates to the new HMRC approved rates. One of our online support websites recently published this article claiming that the new rates were unfair. The Flat Rate Fiddle! To view the new HMRC rates[...] Read more »
VAT refunds for UK traders visiting other EU countries
With trade becoming more global it has become increasingly like that you may be doing business in the EU. Here are some basic rules that relate to reclaiming VAT from EU countries. If you purchase goods or services in other countries in the European Union (EU), you may have to pay VAT on them. However[...] Read more »