What 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. …
Would the Flat Rate VAT scheme suit your business?
The VAT Flat Rate scheme is available to businesses with turnover up to £150,000 per annum. It is advantageous to small businesses as the VAT payable to HMRC is calculated as a percentage of gross sales rather than 20% of net sales less 20% of VATable purchases. It makes calculating VAT due much more straightforward, record keeping is easier AND you are likely to pay less. Always an advantage! …
Are your VAT records in order?
VAT records must be kept for six years although HMRC are only allowed to adjust returns going back four years plus the current period. However if you have purchased land or buildings you may need to keep relevant documents for 20 years. But what VAT records do you need to keep? …
MTD has happened in our office!
Finally the month for submission of VAT returns via MTD arrived and we survived. Months and months of talking about it, reading about it and watching webinars. Then we just had to get on with it. …
Do you need to charge VAT on EU Sales?
Whilst we are still part of the EU VAT registered businesses which supply goods to a customer in a EU country must charge VAT at the standard UK rate. However if that customer is VAT registered, as long as they provide you with their VAT number you can …
