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 is shown on the registration certificate which HMRC issue. Once you have your certificate, the holder (or your agent) can create a VAT online account. What do I need to become VAT registered? Most businesses apply for VAT registration online, although you can…
Even a teeny-tiny bookkeeping error can snowball into a time-consuming mess, sometimes requiring a colossal effort to resolve. As time and effort are vital resources for all small business owners, we’re constantly striving to help users focus on the areas of their business which will have the most impact. It’s why the good folk here…
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?…
