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[8 Feb 2017 | Comments Off on VAT Flat Rate Scheme – The New Rules from 1 Apr 2017 | ]
VAT Flat Rate Scheme – The New Rules from 1 Apr 2017

The VAT Flat Rate Scheme changes from 1 Apr 2017 when new rules come into force in a heavy handed attempt to combat abuse of the system. The FRS differs from standard VAT accounting because you pay a percentage of your business turnover rather than paying the actual VAT arising on the difference between sales and purchases.
You continue to charge clients the headline rate of 20% VAT and you can potentially benefit by remitting a smaller percentage to the taxman. The FRS rates differ from sector to sector, but for …

getting things done, one offs »

[12 Dec 2014 | No Comment | ]
#VATMOSS #VATMESS

VAT MOSS applies to all businesses whether or not they are currently VAT registered! Do you sell (or are you planning to sell) digital products (eServices) over the web?
From 1 Jan 2015 the rules change and as a result, some non-VAT registered business will need to review their business methods and may be forced to register for VAT. Businesses which are already VAT registered may need to collect more data from their customers and charge a different VAT rate depending on where their customer lives.

The rules were developed to make …

one offs »

[8 Aug 2013 | No Comment | ]
Pre Trade Expenses

I’ve only just registered my business, can I claim pre trade expenses which I paid personally?
The basic principal is that “if you paid for something in the knowledge that you were starting a business, and the prime motive for buying this something was to enhance that business, then it is a business expense” and (subject to a three year time limit) you can claim for it. That applies to both goods and services, and in order to claim the full cost you must satisfy both parts of this test, that …

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[8 Jan 2013 | No Comment | ]
I’ve only just registered for VAT, can I claim back old VAT?

I’ve only just registered for VAT, can I claim back old VAT?
The short answer is “it depends”.
Have you read the general rules in the pre trade expenses article already? Do that first, then continue with this article.
Yes, you can claim for the VAT on goods (and in limited circumstances on services too) provided they:

were purchased within the three years preceding the date of your VAT registration
are still in the possession of the business on the date of your VAT registration
are actually used in the course of the business; and
satisfy the …

one offs »

[26 Mar 2012 | No Comment | ]
Notice of VAT Deregistration

When you get a VAT letter like this one . . .

. . . please let us have a copy. We will log it as the 500870 Notice of VAT Deregistration in our system. Thanks.

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[5 Jan 2012 | No Comment | ]
VAT Flat Rate Scheme Approval

After your FRS application is approved you should receive a confirmation letter like this one.

As soon as you get that please let us have copy so that we can make sure our systems are up to date and we help you to get the next VAT return in, with the right amount, and on time!

one offs »

[15 Dec 2011 | No Comment | ]
Realigning the VAT quarters

If your VAT returns do not coincide with the end of your trading year, you could find yourself having to work on the VAT figures 5 times per year instead of 4. That’s because the year end accounts may include a disclosure about how much VAT was due on the year end date.
It’s a simple matter to get things changed and we have a template which clients can use. However, it’s still one of those things that the VAT office needs from the taxpayer and not from the accountant, and …

one offs »

[3 Jan 2011 | No Comment | ]
Happy New Year

There’s a three day period from Saturday 1 Jan through to Monday 3 Jan 2011 inclusive, when the government thinks we don’t do any work! What else would explain the fact that the much talked about hike in the standard rate of VAT to 20% does not actually take effect until Tuesday 4 Jan 2011?

Are you ready? Are you in one of those businesses, like software development, where days of the week mean nothing, and you actually do whatever work you can, whenever you can, and you bill …

one offs »

[1 Oct 2010 | No Comment | ]

You can link directly to this article using the short URL http://bit.ly/aKET0C

All VAT returns must now be submitted on line

HM Revenue & Customs introduced new rules in April 2010 which require businesses to submit their VAT returns online. To make the situation more complicated, the VAT bit of the combined HM Revenue & Customs is not accepting the same authorisation process as the rest of the Revenue!
As much as we would like to do this for you, we cannot, because it requires a Government …

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[29 Jul 2010 | No Comment | ]
A “VAT only” invoice

You can link directly to this article using the short URL http://bit.ly/drPF7S

A one off process when the VAT details arrive late

There are times when an application for VAT registration is delayed, and in a few cases that can mean that your business ought to have charged VAT to customers but couldn’t, because the VAT registration number was not known.

In situations like these, it is necessary to issue a “VAT only” invoice as soon as your registration number is known. There are three examples of invoices on this Excel file …