Managing your VAT obligations can be a lot of work. Find out how to manage VAT in your business efficiently, from monitoring turnover, to recording and reporting requirements and VAT invoicing requirements, as well as MTD for VAT rules.
Most of us pay VAT daily, whether it’s for a specific service or purchasing our favourite savoury snacks. It stands for ‘value-added-tax’ and is a consumption tax that’s charged on a product during each point of sale where value has been added. As a business, registering for VAT is mandatory if your taxable turnover in…
If your business is registered for the VAT Flat Rate Scheme, the way you work out your VAT bill is a bit different to the standard accounting method for VAT. You’ll still charge VAT on your sales to customers, and pay it on purchases from your suppliers. But then, rather than calculating the difference between…
Making Tax Digital (MTD) is with us now, and whilst change can be daunting, non-compliance is worse! But don’t worry; once you make the move to online tax it’ll free-up time in your business to do what you do best. So, let’s take a look at the state of play with MTD and what it…
Have you ever noticed the way that far-off deadlines suddenly speed up their approach when you’re not looking? They can be quite sneaky like that. When important dates seem like a problem for future you, it’s all too easy to put things off, forget all about them, and then be left scrambling at the last…
We all pay VAT on most of the items or services we purchase. If you run a business, then you may also need to become involved in the VAT system as a collector. It sounds confusing (to be honest it sometimes can be), so we’ll use this article to “bust the jargon” surrounding VAT. We’ll…
