It has been about 5 years since one of my clients had a visit from a VAT inspector. It always comes as a bit of a shock when they do want to arrange a visit especially as I was just about to go on holiday and they wanted the visit the week I got back! There is, of course, always concern that they have a specific reason for visiting which they are not going to tell you about until they arrive! This VAT inspection was with a business which hasn't had a visit for almost 20 years even though it has quite a complex VAT situation. …
Did you know you can choose which VAT Scheme you use to report VAT? There are several to choose from and it is worth considering which one is best for your business and for your cash flow. …
The VAT registration threshold will remain at £85,000 for the next two years until April 2020. Businesses with sales of £85,000 in a 12 month period must become VAT registered unless their sales are exempt from VAT. But if you are VAT registered and your income falls below the VAT deregistration threshold of £83,000 you can voluntarily deregister for VAT. …
Making Tax Digital for Business, now known as MTDfB, will begin in April 2019 but that doesn't mean you can forget it until then. Now is the time to start thinking about what you need to do in your business to meet the new reporting requirements. MTDfB starts with businesses which are …
From 13th January 2018 HMRC will no longer accept payment of taxes by personal credit card and prior to that, from 15th December 2017, payments will not be able to be made through the Post Office. Payments can be made to HMRC by: …
