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You are here: Home » Archives for value added tax

value added tax

If you are dealing with a new customer or supplier and want to check whether the VAT registration number (VRN) they have supplied is valid, there are two ways you can do so.

One method is to call the HMRC VAT Helpline, the other is to use the online VAT Information Exchange System (VIES) run by the European Commission.
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In this concise guide, we look at the taxes you will encounter if you start your own business as a sole trader, and other things you should bear in mind before taking the plunge and becoming self employed.
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Your business should register for VAT if your “taxable supplies” over the past 12 months has exceeded the VAT registration threshold.
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Small businesses, and the individuals who run them, are subject to a wide array of taxes – from Corporation Tax to National Insurance. Here is an overview of the main UK business taxes you will encounter as a business owner, together with links to our more in-depth guides.
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HMRC have provided a range of special schemes that apply to smaller businesses. They are designed to reduce administration, but also (in some cases) to assist cash flow.
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This second guide in ByteStart’s 3-Part VATChat series; outlines how VAT registered businesses should charge VAT on their goods and services, and how to reclaim VAT on purchases and costs.
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In the first in a short series of Value Added Tax bulletins for small businesses, Les Howard looks at what VAT is, and when you must register your business.
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Value Added Tax (VAT) is a tax on the final consumption of certain goods and services in the home market but is collected at every stage of production and distribution. Most business-related goods and services will therefore be subject to VAT.
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In this article, we look at some simple VAT tips which could save your business time and money.
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If you are registered for VAT, have to file a VAT return in the near future, or are concerned about putting the wrong amounts on your VAT return, here are 5 VAT traps to watch out for.
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Value Added Tax (VAT) is a charge on most goods and services sold in the UK.

Ultimately, the person who consumes the goods pays the tax. But to administer it, VAT is charged and reclaimed by every supplier down the chain.
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An alternative to the standard VAT scheme is the flat rate VAT scheme which offers qualifying businesses a simpler way of accounting for their VAT transactions.
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The VAT cash accounting scheme is a useful tool for many small businesses, as you only repay VAT to HMRC once you have received payment yourself. If you have cashflow concerns, the scheme could be a lifesaver!
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This handy calculator will work out how much VAT you should charge a customer based on your net billing. Also use this script to work out how much VAT is included in a VAT-Inclusive sum.

The current VAT rate used in the calculations is 20%.
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Here are some tips to help small businesses keep on top of their VAT responsibilities – from choosing the right VAT scheme in the first place, to avoiding getting on the wrong side of HMRC.
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April 2009 marks the introduction of a new VAT penalty regime. Interestingly, the legislation has been in place since the Finance Act of 2007. This has given advisors plenty of time to consider how it will work, and to raise questions with HMRC.
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The issue of VAT accounting when the goods involved are put to both business and non-business purposes is perhaps more widespread than many would first consider.

Careful use of the so-called ‘Lennartz Accounting’ scheme can provide cash flow benefit for a number of organisations.
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Value Added Tax (VAT) is a tax which is applied to transactions of most goods and services provided by VAT registered entities in the UK.
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