VAT when business transferred as a going concern
The transfer of a business as a going concern (TOGC) rules concern the possible VAT liability resulting from the sale of a business. Normally the sale of the assets of a VAT registered or VAT
Category: Value Added Tax
What are VAT special schemes?
There are three main VAT schemes available to small businesses: The flat rate scheme The annual accounting scheme The cash accounting scheme The Flat Rate Scheme The purpose of this VAT scheme
VAT rules for retailers using online marketplaces
Under new rules that came into force last year, HMRC has the power to force overseas retailers to appoint a UK-based VAT representative or to provide a financial guarantee. These rules currently apply
Autumn Budget 2017 – VAT registration and deregistration thresholds
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
OTS publishes new report on the VAT system
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
Benefits and limitations of the VAT Flat Rate Scheme
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
When must you register for VAT?
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
Claiming back VAT on fuel
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
VAT capital goods scheme
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
VAT – what you cannot reclaim
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