VAT Flat Rate Scheme overview

VAT Flat Rate Scheme overview

by | Dec 5, 2024 | Value Added Tax

The VAT Flat Rate Scheme allows businesses to pay VAT as a fixed percentage of their total turnover, which includes VAT. The applicable percentage varies based on the business type. This scheme is designed to simplify VAT accounting, thereby reducing the...
Approaching the VAT registration threshold

Approaching the VAT registration threshold

by | Nov 28, 2024 | Value Added Tax

When approaching the VAT registration threshold there are important matters to consider. The VAT registration threshold is the point at which businesses must register for VAT with HMRC. A business must register for VAT if: their...
VAT recovery from car leasing payments

VAT recovery from car leasing payments

by | Oct 24, 2024 | Value Added Tax

The VAT treatment of motor expenses is an important concern for any business that incurs VAT on these costs. Below, we highlight key points to consider regarding the recovery of input tax (VAT) when leasing vehicles. We have covered below some important points to be...
Construction industry – VAT reverse charge

Construction industry – VAT reverse charge

by | Oct 10, 2024 | Value Added Tax

There are special VAT reverse charge rules in place for certain building contractors and sub-contractors. These regulations, which came into effect on 1 March 2021, make the supply of most construction services between construction or building businesses subject to...
When you must register for VAT

When you must register for VAT

by | Oct 3, 2024 | Value Added Tax

The taxable turnover threshold for VAT registration is currently £90,000 and has applied since April 2024. Businesses must register for VAT if they meet one of the following conditions: At the end of any month, the value of taxable supplies made in the past 12...
VAT group registration

VAT group registration

by | Sep 26, 2024 | Value Added Tax

There are special VAT rules that allow two or more companies or limited liability partnerships, commonly referred to as ‘bodies corporate’, to be treated as a single taxable person for VAT purposes known as a VAT group. These bodies corporate can register...