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Making Tax Digital for VAT

Why has the government introduced Making Tax Digital for VAT? HMRC have issued VAT notice 700 / 22 (Making Tax Digital for VAT) so that accountants and businesses will be able to efficiently file and preserve records digitally going forward. The modernised process, will comply with the legal requirement of submitting VAT records using software,…

Wrapping your head around VAT

Wrapping Your Head Around VAT

As a UK business, you must register for paying VAT if your ‘VAT taxable turnover’ is more than £85,000. For many small businesses, that sounds like a large sum. In fact, if you’re in a sales-based business, as many are, it’s really not so large in practice. In reality, that’s actually ‘only’ around £1635 per…