Let’s start this with another question. Should you be talking to your clients about Making Tax Digital for Income Tax? Guidance around it is still fairly generic, so it’s difficult to offer clients much in the way of detail. But, with the internet slowly filling up with articles rehashing what little is known about it,…
With the government in the process of Making Tax Digital, businesses are moving towards keeping finance records digitally. After several delays, the MTD for VAT scheme comes into full force from 1st April 2022. Previously the rules only applied to VAT registered businesses with a taxable turnover over the registration threshold. Under MTD, they are…
There are a number of VAT schemes available, two of which are intended to help businesses improve cash flow and save time: VAT Cash Accounting and the VAT Flat Rate Scheme. But what are they and which is best for your business? In this article, we’ll review the benefits of both and outline which businesses…
A VAT number is issued when a business becomes VAT registered, and can be found on the registration certificate issued by HMRC. Once the certificate has been issued, the holder (or their agent) can create a VAT online account. What do I need to become VAT registered? Most businesses apply for VAT registration online, although…
Current VAT rules require that a business to become VAT registered once it hits £85,000 a year in VAT taxable turnover. But, can a business register before that?…
