One of the best parts of running a small business It’s always great to see that your business is growing and your turnover for each year is increasing. You must be careful however, once the total turnover over a period of twelve months reaches £82,000 you will need to register for VAT. You’ll also need…
If you have just registered for VAT then you will likely have been requested by HMRC to file a VAT return. Normally these returns are completed every three months but can be monthly if you expect regular VAT rebates or annual if you use the Annual Accounting method for VAT. What is the purpose of…
Import VAT is the tax you pay on all goods purchased from any country outside the UK. When running a business you may not want to limit yourself to just having customers in the UK, or maybe another country can provide services that work better for you. It is normal for a business to do…
What is VAT? This post will explain everything you need to know about Value Added Tax in the UK.
In addition to the standard method of accounting for VAT, where you add 20% onto sales, pay this to HM Revenue and Customs (HMRC) and claim back the VAT on your purchases, there are other methods you can use. There are three main methods for calculating VAT; the flat rate scheme, the cash accounting scheme…