Ten things you may not know about VAT
There are lots of things to remember about VAT when you are VAT registered. Here are ten things about VAT which you may not know. …
Are you nearing the VAT Threshold for 2017-18?
The VAT threshold for 2017-18 is £85,000 which means that if your business has taxable sales equal to or above this amount over a 12 month period you must register for VAT. For example if these sales from April to March total £80,000 you do not need to register for VAT but if the taxable sales from May to April, just one month later, total £85,000 or more you must register for VAT. Taxable sales are goods or services you sell which have a tax rate of 0% or 20%. If you sell goods or services which are exempt or outside the scope of VAT then you do not need to register for VAT. …
What do you need to know about becoming VAT registered?
All growing businesses will become VAT registered. It is not daunting. You just need to become organised with your record keeping and remember your VAT return deadlines. So what should you know about becoming VAT registered? …
Is your business ready to become VAT Registered?
As your business grows there will come a time when you will need to register for VAT. In 2016-17 if your turnover reaches the threshold of £83,000 within a 12 month rolling period you have 30 days in which to register for VAT to avoid a penalty. Many businesses keep their turnover below the threshold …
Changes to the Flat Rate VAT Scheme
The Chancellor's Autumn Statement announced a change to the Flat Rate VAT Scheme which many small businesses use to simplify their VAT record keeping. …
