VAT Flat Rate Scheme overview
The VAT Flat Rate Scheme allows businesses to pay VAT as a fixed percentage of their total turnover, which includes VAT. The applicable percentage varies based on the business type. This scheme is designed to simplify
Approaching the VAT registration threshold
When approaching the VAT registration threshold there are important matters to consider. The VAT registration threshold is the point at which businesses must register for VAT with HMRC.
A business must register for VAT
VAT recovery from car leasing payments
The VAT treatment of motor expenses is an important concern for any business that incurs VAT on these costs. Below, we highlight key points to consider regarding the recovery of input tax (VAT) when leasing vehicles.
We
Construction industry – VAT reverse charge
There are special VAT reverse charge rules in place for certain building contractors and sub-contractors. These regulations, which came into effect on 1 March 2021, make the supply of most construction services between
When you must register for VAT
The taxable turnover threshold for VAT registration is currently £90,000 and has applied since April 2024.
Businesses must register for VAT if they meet one of the following conditions:
At the end of any month, the
VAT group registration
There are special VAT rules that allow two or more companies or limited liability partnerships, commonly referred to as ‘bodies corporate’, to be treated as a single taxable person for VAT purposes known as a VAT