VAT can be a confusing subject. Learn more about how to manage VAT efficiently in your business, from monitoring turnover and registration, to recording transactions, sending VAT invoices, and MTD reporting requirements.
Knowing whether you need to register for VAT, and how it all works, can be daunting. It’s important to understand that registering for VAT is based on your business’s turnover, not on what type of business it is. So, whether you’re an individual sole trader, a limited company, something else or just starting out, we’ve…
The VAT accounting scheme that you use can simplify how you work out your VAT, and even enhance your cash flow. Some schemes do have eligibility restrictions, but as long as you meet the criteria you can register for VAT on a scheme to suit your particular needs. In this article we give an overview…
Now that the Brexit transition period is over, there are new rules for businesses which buy and sell goods and services across the UK and GB border. It’s understandable if you’ve zoned out of the Brexit updates by now, having been a drawn out process since 2016. As a business, you might not even realise…
Registering for VAT isn’t a requirement for starting or operating a business. In fact, a business only needs to register for VAT if its taxable turnover in the previous 12 months hits the registration threshold. But what happens to invoices when a business does become VAT registered? When is a business required to register for…
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…
