VAT

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Do you know what flat rate VAT is? Or are you unsure if you should register for VAT? These are just a couple of the questions these guides will answer for you. Know what you're looking for? Search below: Search Generic filters Filter by Custom Post Type Filter by Categories About Us Contractor Tax Business Expenses IR35 Advice Running Your ...

Contractor Tax

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As a contractor running your own limited company, you will have a number of tax liabilities. This section will explain what your liabilities are and give you advice on how to run your limited company as tax efficiently as possible. Know what you're looking for? Search below: Search Generic filters Filter by Custom Post Type Filter by Categories About Us ...

Flat rate VAT – April 2017 changes explained

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The VAT Flat Rate Scheme makes it easier for small businesses to calculate the VAT they need to pay. Businesses can voluntarily register for VAT before their turnover reaches the £85,000 VAT registration threshold so they can make use of the flat rate scheme and have a cash advantage.

Cancelling your VAT registration

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If your company is likely to cease trading for a significant period of time you may wish to cancel the VAT registration and close the scheme down. This is also a necessary step if you choose to close your company. The process is quite straightforward and is made up of two steps: an application to de-register; and a final VAT ...

Annual accounting scheme

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The annual accounting scheme for VAT works by paying VAT in instalments with a balancing figure being paid or refunded at the end of the year, when an annual VAT return is calculated and submitted. Whilst submitting only one VAT return each year may appear attractive, this scheme is not ideally suited for many contractors, freelancers and consultants so don’t ...

Cash accounting scheme

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If collecting the funds against the invoice raised proves to be challenging or erratic then the cash accounting scheme for VAT may be appropriate for your company. Under the cash accounting scheme, instead of owing the VAT to HMRC based on when the invoice was raised the VAT is owed once the funds are received for the invoice. This means ...

Flat rate scheme

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The flat rate scheme is an excellent scheme for the majority of contractors and freelancers. Instead of using the standard set-up whereby the difference between the VAT on the company sales and the VAT paid for on company purchases is paid over to HMRC a flat rate of VAT is paid instead. The business will still invoice its customers for ...

Claiming VAT on expenses

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If registered for VAT and making supplies that are subject to either standard, reduced or zero rate VAT a business may generally claim back the VAT that it spends on business purchases. There are some exceptions, for example any VAT expenditure on entertaining your clients cannot be claimed back from HMRC. Further information on different VAT rates can be found ...

Issuing VAT invoices

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Once a business becomes VAT registered it must issue VAT invoices, and there are several things such as the VAT registration number and sensibly sequenced invoice numbers that need to appear on a VAT invoice in order for it to be compliant with the requirements of HMRC. If the business is a limited company there are also elements of an ...

Charging VAT on your company sales

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Once your business is VAT registered you must charge VAT at 20% on all of your supplies, unless you are supplying products or services that do not fall under the standard rate of VAT. More information on VAT rates can be found here: Value Added Tax Rates. This means that VAT is added to everything that you invoice to your ...