by admin | Dec 12, 2018 | Value Added Tax |
There are three main special VAT schemes available to small businesses. These are the flat rate scheme, the annual accounting scheme, and the cash accounting scheme. The turnover levels for joining and leaving these schemes vary.The flat rate scheme is open to...
by admin | Dec 5, 2018 | Value Added Tax |
The VAT paid in other EU countries is often recoverable by VAT-registered businesses in the UK, who bought goods or services for business use. The amount of VAT that is refundable depends on the other countries’ rules for claiming input tax. It is important...
by admin | Nov 28, 2018 | Value Added Tax |
The VAT Flat Rate Scheme (FRS) has been designed to simplify a way a business accounts for VAT, and in so doing reduce the administration costs of complying with the VAT legislation. The scheme is open to businesses that expect their annual taxable turnover in the...
by admin | Nov 22, 2018 | Value Added Tax |
HMRC has begun a letter writing campaign to remind businesses that the way they keep VAT records and submit their VAT returns is changing. The letters are being sent to businesses who will be within the scope of the new Making Tax Digital (MTD) for VAT, which comes...
by admin | Nov 22, 2018 | Value Added Tax |
The VAT DIY Housebuilders scheme is a special scheme, enabling homeowners building a home to benefit from the special VAT rules that allow the qualifying construction costs of new homes and certain conversion works to be zero-rated. The scheme has been designed to...
by admin | Nov 7, 2018 | Value Added Tax |
A change to the VAT rules first announced at Budget 2018 will come into effect from 1 October 2019. This change will make the supply of construction services between construction or building businesses subject to the domestic reverse charge. The reverse charge will...
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