VAT
Tag Archive

Self Assessment Tax Return

2018-19 Income Tax Changes

Many of the various tax rates and allowances change each April 6th, almost without being noticed. Here is a summary of this year’s changes to our Income Tax Allowances. Personal Allowance In…

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Self Assessment Tax Return

Sole Traders Should Act Now to Submit Their Tax Returns

With Christmas right around the corner, the last thing you want to be thinking about is your tax returns. After all, December is usually a time to wind down your workload before the end of the year,…

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VAT Scheme

What is the Annual Accounting VAT Scheme?

The Annual Accounting scheme enables VAT registered businesses to submit their VAT returns annually, rather than quarterly. The main features of the scheme are: Available for traders with an annual…

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VAT Scheme

What is the Flat Rate VAT Scheme?

The flat rate scheme is designed for small businesses with annual taxable turnover that doesn’t exceed £150,000 and whose annual total turnover (including income on which no VAT is paid)…

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Uncategorized

Vehicles and VAT

VAT Registered Businesses are not usually permitted to reclaim the VAT when they purchase a car, however they can reclaim the VAT if: – The car will be used exclusively for business purposes…

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VAT Scheme

What is the cash accounting VAT scheme?

Many VAT registered business owners use the standard Accrual Accounting Scheme for their Quarterly VAT Returns. However, they may not be aware that there are alternative VAT schemes that have been…

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