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
Issuing a VAT invoice without registration or authorisation can lead to HMRC penalties, even if it is done by mistake.
A penalty may be charged by HMRC when an individual or business issues an unauthorised VAT invoice
Not all goods and services carry a 20% VAT, knowing the right rate can save costly mistakes.
When a VAT-registered business issues an invoice to their customer, they must ensure that they charge the correct rate of VAT.
New rules mean late VAT filings and payments now trigger points, fines and interest charges.
The VAT late filing penalties regime changed for accounting periods beginning on or after 1 January 2023. Under the new