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Common VAT problems

Once you understand the basics, VAT is reasonably straightforward. But there are some areas where it is easy to make mistakes. These can lead to stringent penalties, and ignorance is no defence. In...

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A guide to The Annual Accounting Scheme

UNDERSTANDING THE ANNUAL ACCOUNTING SCHEME As an overview, the Annual Accounting Scheme allows you to complete just one VAT return per year.  The VAT is paid in instalments, thus avoiding a VAT...

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VAT on Incorporation

If the previous business was VAT registered it can pass its VAT number on to the new company under the transfer of going concern rules (TOGC). However, this is not always advisable as the VAT number...

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A guide to The Flat Rate Scheme

UNDERSTANDING THE FLAT RATE SCHEME As an overview, the Flat Rate Scheme allows you to apply a single percentage to your turnover to work out your VAT liability. This is one amongst a number of schemes...

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A guide to VAT Registration

LEGAL The requirement for a taxable person/business to register for VAT in the UK is included in the Value Added Tax Act 1994 (VATA 94).   The administration of VAT and registration is performed by HM...

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VAT Registration Advice

It’s one number (£77,000 from 1 April 2012), so why is so easy to get it wrong? We are talking about the compulsory VAT registration threshold in the UK. If your VAT taxable turnover (sales) total for...

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VAT Mistakes

If your company makes a deliberate VAT mistake, which results in less VAT being paid over to HMRC than is correctly due, you as the director of that company can be issued personally with a penalty....

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VAT on Storage Change

The law on whether VAT must be charged on storage facilities changed from 1 October 2012. Before that date if you let out space for storage to individuals or businesses, that service could be exempt...

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Question and Answer – VAT Reclaims

Q. I need to get a high-end computer for my business which will cost about £2,200, but I use the VAT flat rate scheme for small businesses which doesn’t allow VAT reclaims. I’ve heard that I can claim...

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VAT on Sale of Commercial Buildings

When purchasing or selling a commercial property one of the first things to establish is whether VAT will be applied to the price of the property. Land and buildings are generally exempt from VAT, but...

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