What is VAT and who needs it?
How do changes in the flat-rate scheme may affect your tax calculation?
How to get ready for Making Tax Digital for VAT?
Get clarity about your VAT questions and stay up to date with future developments.
Starting from April 2019, most VAT registered businesses will have to comply with the new ‘MTD for VAT’ regulations and submit their VAT Tax Returns via MTD compatible software. The current process of applying VAT records to your HMRC tax account will become a way of the past, as your invoices and transactions will be transmitted via what HMRC refers to as; ‘Digital Links’ and ‘Software Bridges’. So, to get a better idea about the adjustments needed and to help you get MTD compliant, we have put together the below, Making Tax Digital for VAT complete guide.
For some contractors and freelancers, the Flat Rate VAT scheme is a no-brainer. The scheme allows them to reduce tax costs they otherwise could not have reclaimed via standard VAT, and it considerably simplifies bookkeeping. Hence, saving […]
Making Tax Digital (MTD) for VAT is the Government’s first phase in what they believe is making tax administration more effective, efficient and easier for taxpayers. The Government has said that one of the main […]
A limited company structure is usually the best way to legitimately and compliantly minimise your tax bill. This is because you can take remuneration through an efficient mix of salary and dividends and claim a […]
How is flat rate VAT calculated? Traditionally, contractors have always benefited from registering on the flat rate scheme. This is because VAT would be collected on a sales invoice at 20%, but a lower percentage […]
From 1 January 2015 onwards, the way VAT has to be applied when specific ‘digital services’ are supplied to EU customers is changing. This only impacts services provided by a business to consumers (B2C), not […]