by admin | Jan 4, 2024 | Value Added Tax |
The taxable turnover threshold that determines whether businesses should be registered for VAT is currently £85,000. The taxable turnover threshold that determines whether businesses can apply for deregistration is £83,000. Businesses are required to...
by admin | Jan 4, 2024 | Value Added Tax |
If using the VAT Flat Rate scheme, businesses pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on the type of business. The scheme has been designed to simplify the way a business accounts for VAT and reduce the...
by admin | Dec 20, 2023 | Value Added Tax |
There are special rules to ensure that goods sent from abroad are taxed appropriately and to ensure that UK businesses supplying goods in the UK – for example by having to compete with VAT free imports – are not disadvantaged. This includes goods...
by admin | Nov 23, 2023 | Value Added Tax |
HMRC’s VAT Notice 709/3 entitled 'Hotels and holiday accommodation' explains how supplies by hotels and similar establishments such as motels, guesthouses and B&Bs should be treated for VAT purposes. In addition, the notice covers the VAT treatment...
by admin | Oct 12, 2023 | Value Added Tax |
The taxable turnover threshold, which determines whether businesses should be registered for VAT, is currently £85,000. The taxable turnover threshold that determines whether businesses can apply for deregistration is £83,000. Businesses are required...
by admin | Sep 28, 2023 | Value Added Tax |
The VAT Capital Goods Scheme (CGS) is a means of spreading the initial VAT recovery in respect of certain assets over either 5 or 10 years. The scheme seeks to agree a fair and reasonable attribution of VAT to taxable supplies and non-taxable supplies relating to...
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