10 Value Added Tax (VAT) tips for small business owners
Here are 10 tips to help you keep on top of your VAT responsibilities as a small business owner. From choosing the right VAT scheme in the first place, to filing your quarterly returns on time.
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VAT
What is Value Added Tax (VAT), and how do you account for it? Overview of the standard and flat rate VAT schemes + limited cost trader test.
How to check if a UK or EU VAT registration number is valid
If you have a new UK or EU customer or supplier, you should check the VAT registration number (VRN) they have supplied is valid. Here are three ways you can do so.
What is the VAT cash accounting scheme?
Many small businesses benefit from using VAT Cash Accounting Scheme. Rather than repaying HMRC for VAT your have invoiced for, but not yet received from customers, you only need to account for VAT when you receive the money.
As a result, if your business is eligible, it is a no-brainer from a cash flow management point of view.
Read More »What is the VAT cash accounting scheme?
Guide to Value Added Tax (VAT) for small businesses
VAT is something that many new business owners overlook. Many assume that it doesn’t apply to them – surely it’s just for the bigger businesses out there? That may be true most of the time, but VAT could still apply to your business so it’s important to know about it.
If you’re either a sole trader, or limited company owner looking to get clued-in about all things VAT, keep reading. We’ll take you through whether you need to register, how to register and what you need to do next.Read More »Guide to Value Added Tax (VAT) for small businesses
The Flat Rate VAT scheme & the Limited Cost Trader test
VAT is one of the more complex accounting practices you’ll have to undertake as a business, which is why it can help to make it as simple as possible.
The Flat Rate VAT scheme does exactly this and, if you’re eligible, could save you the headache of unnecessary work.Read More »The Flat Rate VAT scheme & the Limited Cost Trader test
VAT registration – when should you register for VAT?
Your business should register for VAT if your “taxable supplies” over the past 12 months has exceeded the VAT registration threshold.
Read More »VAT registration – when should you register for VAT?
21 costly VAT mistakes businesses make on their VAT Returns
With the complexity of the VAT laws it’s understandable that businesses make mistakes on their VAT returns. However, these mistakes can be very costly both in terms of paying the wrong amount of VAT and also triggering a VAT investigation.
To help you avoid making these expensive mistakes, we asked Jonathan Amponsah, founder of The Tax Guys, to reveal the 21 common mistakes small businesses make on VAT Returns.Read More »21 costly VAT mistakes businesses make on their VAT Returns