Under new rules due to come in on 1 October 2019, builders, sub-contractors and other trades associated with the construction industry will have to start using a new method of accounting for VAT.
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HMRC have now issued their detailed guidance on the digital record keeping and return requirements for Making Tax Digital (MTD) for VAT.
Has your business become too big for the VAT flat rate scheme?
If you have an unpaid invoice which you consider to be a bad debt, you may be able to reclaim VAT previously declared and paid on the sales.
The VAT flat rate scheme for small businesses has been in existence since 1995, yet we still find many businesses that would benefit from registering. It is only for smaller businesses who expect their turnover to be below £150,000 in the next twelve months.
If you supply e-services, telecommunications or broadcasting services to non-business consumers (sometimes known as B2C transactions) in another EU Country, you need to be aware of major changes in VAT rules which will be introduced on 1 January 2015.