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.
Do you provide your team with company cars? Or perhaps you have a company car yourself? You might be surprised to know, several employers fail to account for VAT correctly on company cars.
On 1 January 2015, changes will be made to the VAT place of supply of services rules involving business to consumer supplies of broadcasting, telecommunications and e-services.