Many businesses are still unaware that the VAT late filing and late payment rules now operate on a points-based system, where repeated delays can quickly lead to a £200 penalty and added interest.
The VAT late filing
If your business has relatively low VATable expenses, the VAT Flat Rate Scheme can simplify your VAT reporting and may also improve cash flow.
The VAT Flat Rate Scheme is designed to simplify VAT accounting for small
Exports from Great Britain or Northern Ireland can be zero-rated for VAT, provided businesses obtain valid export evidence within three months of sale and meet all HMRC documentation rules; accuracy and record-keeping
Waiting to be paid but still having to hand over VAT? The VAT Cash Accounting Scheme potentially lets you pay VAT only when your customer pays you, helping to ease cash flow pressures for small and medium-sized
Businesses over £90,000 turnover must register for VAT, but HMRC may grant exceptions if the increase is temporary.
A business must register for VAT if either of the following applies:
At the end of any month, its
When considering VAT on entertainment provided solely to directors or partners of a business it is generally not recoverable as VAT Input Tax.
HMRC considers that directors and partners are not in need of entertainment