Not yet VAT registered? Ensure you keep a rolling 12-month turnover summary!
A business with turnover in the previous 12-month period exceeding £90,000, or turnover is expected to exceed £90,000 in the […]
VAT
No VAT payable if paying by cash!
How often have you heard this? How often have you seen someone actually put this on their invoices!!! You may
Keeping business and private payments separate
Many business owners still pay private bills from their business account. This can significantly add to the workload in preparing
VAT errors…
VAT Errors can happen due to a variety of circumstances – and far too many and various to list here.
Are you monitoring your turnover on a regular basis for the purposes of VAT?
For those smaller businesses, the business must register for VAT where the turnover, on a rolling 12-month basis, exceeds £90,000.
VAT Road Fuel scale charges
If VAT is reclaimed on road fuel and the vehicle has any element of private usage, an adjustment is needed
The Budget and VAT
From 1 April 2024, the VAT registration threshold and deregistration thresholds each increased by £5,000 to £90,000 and £88,000 respectively.
Charging electric cars at home
HMRC have recently clarified their view of the tax treatment for the reimbursement of electricity costs where employees charge their
Are you claiming VAT at the appropriate rate on expenses?
Many software packages have a “default VAT rate” which can be set for each expense code. This can speed up
Might the VAT flat rate scheme be beneficial to your business?
If you use the Flat Rate Scheme, you charge VAT to your customers (‘output VAT’) and pay VAT to your