VAT – unpaid tax collectors
If you are required to register your business for VAT purposes you are joining that reluctant band of business owners that are obliged to collect tax for HMRC.
The amount of VAT you have added to
When you must register for VAT
The taxable turnover threshold, that determines whether businesses should be registered for VAT, is currently £85,000.
The taxable turnover threshold that determines whether businesses can apply for
What is the VAT One Stop Shop?
The VAT One Stop Shop is an EU wide scheme that allows a VAT registered business to register in only one single EU Member State. The scheme was extended with effect from 1 July 2021. The extended
New VAT penalty regime from 2023
A new VAT penalty regime will affect all VAT registered businesses from 1 January 2023. The changes will apply to the late submission and / or late payments of VAT returns for VAT return periods
Claiming back pre-trading VAT costs
There are special rules that determine the recoverability of pre-trading VAT costs. Pre-trading VAT costs describe VAT that was incurred before a business registered for VAT and is known as
VAT – partly exempt businesses
A business that incurs expenditure on taxable and exempt business activities is partially exempt for VAT purposes.
This means that the business is required to make an apportionment between the
Check a UK VAT number
The ability to check a UK VAT number is available at: www.gov.uk/check-uk-vat-number.
This service allows users to check:
if a UK VAT registration number is valid; and
the name and address of the
New VAT Registration process for agents
A new VAT registration process known as the VAT Registration Service or VRS was made available to agents from 1 August 2022. The VRS had been in testing mode for the previous 18 months and was used by
VAT Flat Rate scheme
Using the VAT Flat Rate scheme, businesses pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on the type of business. The scheme has been designed to
Final warning to use MTD for VAT
The Making Tax Digital (MTD) for VAT regime started in April 2019 when businesses with a turnover above the VAT threshold of £85,000 became mandated to keep their records digitally and provide their
