The taxable turnover threshold, that determines whether businesses should be registered for VAT, will be frozen at £85,000 for 2 years from 1 April 2018. The taxable turnover threshold that determines
The Office of Tax Simplification (OTS) provides advice to the Chancellor on simplifying the UK tax system, with the objective of reducing compliance burdens on both businesses and individual taxpayers
The VAT Flat Rate scheme (FRS) has been designed to simplify the way a business accounts for VAT, and in so doing, reduces the administration costs of complying with the VAT legislation. Using the
The taxable turnover threshold, that determines whether businesses should be registered for VAT is currently £85,000. Businesses are required to register for VAT if they meet any of the following
HMRC offers a number of alternative methods for claiming back VAT on car fuel where there may be a mix of business and private mileage. They fall into a number of broad categories: Standard scale
The VAT Capital Goods Scheme (CGS) adjusts the initial VAT recovery in respect of certain assets over either 5 or 10 year period. The scheme seeks to agree a fair and reasonable attribution of VAT to
Most VAT registered businesses are entitled to reclaim the VAT they incur on goods and services used by the business. This is known as input VAT. Some of the common areas where VAT cannot be
The VAT DIY Housebuilders scheme is a special scheme that enables homeowners building a home to benefit from the special VAT rules that allow the qualifying construction costs of new homes and certain
The VAT Cash Accounting Scheme (CAS) can offer important benefits to certain small businesses. Under the standard VAT accounting scheme, VAT is payable on sales whether or not the customer has paid
The VAT Flat Rate Scheme (FRS) was introduced to ease the process of calculating and submitting VAT returns for smaller businesses - the FRS is only available to businesses that expect their annual