VAT – digital record keeping

VAT – digital record keeping

HMRC requires businesses to maintain accurate VAT records to ensure correct tax payments. While all businesses must retain general records (such as invoices, bank statements, and receipts), a key requirement under the Making Tax Digital for VAT initiative is keeping...
VAT relief for the disabled

VAT relief for the disabled

VAT relief is available on goods and services for people with long-term illnesses or disabilities.  There are special VAT reliefs available for certain people living with disabilities or long-term illnesses. These reliefs are generally available on certain...
Using the VAT Cash Accounting Scheme

Using the VAT Cash Accounting Scheme

Struggling with late-paying customers? The VAT Cash Accounting Scheme helps protect cash flow by taxing only what you have received. The VAT Cash Accounting Scheme is designed to support businesses by improving cash flow. Using this scheme means that VAT is only paid...
VAT Annual Accounting

VAT Annual Accounting

Streamline your VAT reporting with fewer returns and smoother cash flow. The Annual Accounting Scheme makes VAT easier to manage for eligible small businesses. The VAT Annual Accounting Scheme is designed to simplify VAT reporting for smaller businesses with an annual...
VAT – advantages of the VAT Flat Rate Scheme

VAT – advantages of the VAT Flat Rate Scheme

Small business? The VAT Flat Rate Scheme could cut paperwork and improve cash flow. Pay VAT as a set percentage of turnover and enjoy simpler admin, budgeting ease, and even a 1% discount in year one of your registration for VAT. The VAT Flat Rate Scheme is designed...
VAT exempt supplies

VAT exempt supplies

Not all VAT-free sales are the same. Understanding the key difference between zero-rated and VAT-exempt supplies could save your business money and prevent costly VAT mistakes. It's important to understand the distinction between zero-rated and VAT-exempt...