VAT Archives - Page 8 of 8

Mar 09 2017

What we know about MTD

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

The government is determined to push ahead with Making Tax Digital (MTD), which will require businesses and landlords to use accounting software to make quarterly reports of income and expenses to HMRC. This reporting will apply for accounting periods starting on and after: - 6 April 2018 for businesses &…

Dec 07 2016

VAT Flat Rate Scheme Skewered

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

Many small businesses use the VAT flat rate scheme (FRS) to simplify VAT reporting and some gain a cash advantage from using the scheme. When using the FRS you simply multiply your gross sales (including VAT charged at normal rates) by the FRS percentage for your trade sector. You ignore…

Sep 21 2016

VAT Flat Rate Scheme

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

The scheme can be helpful for businesses with turnover under £150,000 as it's simple to use. You can even make money out of the scheme if the flat rate percentage applicable to your trade sector is particularly favourable. For example, a journalist pays 12.5% of gross sales as VAT each…

Sep 19 2016

Paying HMRC

By admin Corporation Tax, HMRC, VAT

Paying tax should be easier now that HMRC accepts payments through the Faster Payments system. This can be used to transfer funds almost instantaneously, on any day of the year, 24 hours a day. The maximum transaction value is £250,000, but individual banks have their own limits, which can be…

Jun 14 2016

When Can VAT Be Reclaimed?

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

As a VAT-registered trader you can reclaim VAT you incur on goods and services to be used for the purpose of making business sales which are subject to VAT. Goods or services used for non-business activities, or for generating VAT-exempt sales, can't be included in a VAT claim, unless the…

Jun 10 2016

VAT Returns Must Tie Up To Accounts

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

The sales reported on your quarterly VAT returns should add up to the turnover in your accounts for the whole year. It's important to do this reconciliation of VAT returns to accounts figures at least once per year, as that is exactly what HMRC's computer will do. If the computer…

Apr 12 2016

VAT News

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

Thresholds The compulsory VAT registration threshold will rise to £83,000 on 1 April 2016, and the deregistration threshold will increase from £80,000 to £81,000. VAT Evasion The Government is taking action to tackle unfair competition from traders based overseas who sell their goods through online marketplaces in the UK. Such…

VAT

What we know about MTD

VAT Flat Rate Scheme Skewered

VAT Flat Rate Scheme

Paying HMRC

When Can VAT Be Reclaimed?

VAT Returns Must Tie Up To Accounts

VAT News

Recent Posts

or choose a News Category…

Address:

Call: