MTD for VAT – Are you ready?

From April 2019 VAT registered businesses and organisations with taxable turnover above the VAT threshold of £85,000 are required to maintain their accounting records digitally in a software product or spreadsheet and also submit their VAT returns to HMRC using compatible software. Here are a few programmes that are compatible with MTD for VAT: XeroSage… Continue reading MTD for VAT – Are you ready?

Late registration for VAT can be costly to your business.

Registering for VAT is a must if your turnover reaches a certain level; it’s part of your role to ensure that your business is suitably prepared and aware of when the registration needs to be made. The VAT registration threshold is £85,000 – meaning that once your turnover crosses this level, in a 12 month… Continue reading Late registration for VAT can be costly to your business.

When Do I Have To Register for VAT?

If you are aware of an increase in turnover, or are unsure about whether you should be VAT registered or not, the following points should help:                                                       If your turnover… Continue reading When Do I Have To Register for VAT?

When Do I Have To Register for VAT?

If you are aware of an increase in turnover, or are unsure about whether you should be VAT registered or not, the following points should help:                                                    If your turnover exceeds… Continue reading When Do I Have To Register for VAT?

When do I need to register for VAT?

You must register for VAT when your VAT taxable turnover exceeds the ‘VAT registration threshold’ of £83,000. This is calculated on a rolling 12-month basis and is not solely based on your year-end accounts turnover ... so please be aware of this! What happens if I don’t register in time? If you forget to register… Continue reading When do I need to register for VAT?

Voluntary VAT Registration

It is not compulsory to register for VAT until your annual turnover/sales reach £83,000. However, any business can register for VAT at any time. So why would anyone want to register for VAT and charge their customers an extra 20%? Do you sell to the general public? If so, registering for VAT is not for… Continue reading Voluntary VAT Registration

VAT and Prompt payments discounts

Businesses which currently offer prompt payment discounts (PPD) to their customer need to be aware that there are some changes ahead to the rules. Currently under the UK law VAT is payable on the net amount after deducting the discount, whether or not the customer takes advantage of the PPD and pays promptly. For Example… Continue reading VAT and Prompt payments discounts