VAT Archives - Page 7 of 8

Mar 15 2018

Avoid VAT Penalties

By admin HMRC, Potts & Co Accountancy & Business Advice News, VAT

As a VAT registered business, you have to do two things to avoid being charged a VAT penalty: pay your VAT on time and submit your VAT return on time. If you fail on either of those requirements twice in twelve months, you are put on the VAT equivalent of…

Dec 22 2017

Making Tax Digital: VAT First

By admin Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News, VAT

The objective of the Making Tax Digital (MTD) project is to get businesses to record their accounting transactions digitally through accounting software and to use that software to report summary totals to HMRC each quarter. As VAT-registered businesses already submit VAT returns online, normally quarterly, the Government has decided that…

Dec 01 2017

VAT, MTD & Fraud

By admin Budget Update, Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News, VAT

Registration The UK's VAT registration threshold is the highest in the EU at £85,000; some people argue that it holds back growth as businesses deliberately reduce sales to remain outside the VAT net. This may be true and the Treasury is going to look at how the VAT 'cliff edge'…

Sep 20 2017

Reclaim Overseas VAT

By admin HMRC, Potts & Co Accountancy & Business Advice News, VAT

When you incur VAT on business expenses in other EU countries, you mustn't reclaim that VAT on your UK VAT return. However, if your business meets the following conditions it can reclaim the overseas VAT through HMRC's VAT online services system: • it must be registered for VAT in the…

Jun 10 2017

VAT flat-rate scheme

By admin HMRC, Potts & Co Accountancy & Business Advice News, VAT

If you use the VAT flat rate scheme (FRS), you need to work out whether you spend at least 2% of your gross turnover, and at least £250 per quarter, on 'relevant goods'. If you don't, you must use a flat-rate percentage of 16.5% for that quarter, which removes all…

Mar 28 2017

VAT changes

By admin Budget Update, Potts & Co Accountancy & Business Advice News, VAT

The compulsory VAT registration threshold rises to £85,000 and the deregistration threshold to £83,000, both on 1 April 2017. Most businesses which provide services won't find it beneficial to use the VAT flat rate scheme (FRS) from April 2017. HMRC has now stipulated even tighter requirements for FRS users: goods…

Mar 16 2017

VAT flat-rate changes

By admin VAT

Businesses who use the VAT flat-rate scheme (FRS) can't reclaim VAT on most purchases, but they can keep a small slice of the VAT they charge to customers. If the business has limited input costs, the VAT retained will more than compensate for the input VAT they can't reclaim. From…

Mar 15 2017

Claim VAT on pre-registration costs

By admin HMRC, Potts & Co Accountancy & Business Advice News, VAT

When you register your business for VAT, you can reclaim the VAT you paid on stock or assets acquired in the four years before the date of registration, if you still hold those assets on the registration day. You can also reclaim VAT incurred on services purchased for business purposes…

Mar 14 2017

How to deregister for VAT

By admin HMRC, Potts & Co Accountancy & Business Advice News, VAT

It's good practice to step back and review your business at least once a year. Ask yourself where you expect your sales to come from in the next twelve months. If your projected annual turnover is less than £81,000 (excluding VAT), you may want to consider cancelling your registration. To…

Mar 10 2017

Revised cash basis

By admin Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News, VAT

Reporting income and expenses under MTD will be easier for businesses who draw up their accounts using the cash basis. This is a basic form of accounting which suits certain small unincorporated businesses. Currently, in order to use the cash basis you must be a trading business, not a limited…

VAT

Avoid VAT Penalties

Making Tax Digital: VAT First

VAT, MTD & Fraud

Reclaim Overseas VAT

VAT flat-rate scheme

VAT changes

VAT flat-rate changes

Claim VAT on pre-registration costs

How to deregister for VAT

Revised cash basis

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