Paying VAT on goods from EU to Northern Ireland

Paying VAT on goods from EU to Northern Ireland

by | Apr 11, 2024 | Value Added Tax

There are special procedures for moving goods in and out of Northern Ireland. Under the Northern Ireland Protocol, all Northern Ireland businesses continue to have access to the whole UK market.  There is specific guidance published by HMRC that should be...
VAT retail schemes

VAT retail schemes

by | Apr 11, 2024 | Value Added Tax

VAT retail schemes are a special set of schemes used by retail businesses to account for VAT. The schemes are used by businesses that sell a significant amount of low value and/or small quantity items to the public with different VAT liabilities. The use of the...
Eligibility for the VAT Flat Rate Scheme

Eligibility for the VAT Flat Rate Scheme

by | Feb 15, 2024 | Value Added Tax

The VAT Flat Rate scheme is open to VAT registered businesses that expect their taxable turnover in the next 12 months to be no more than £150,000, excluding VAT. The annual taxable turnover limit is the total of everything that a business sells during the year...
Joining or leaving the VAT Cash Accounting Scheme

Joining or leaving the VAT Cash Accounting Scheme

by | Feb 1, 2024 | Value Added Tax

The VAT Cash Accounting Scheme can offer useful benefits to small businesses. Under standard VAT accounting, VAT is payable on sales whether or not the customer has paid and can lead to claims for Bad Debt Relief. By using the VAT Cash Accounting Scheme no VAT...
VAT – option to tax property

VAT – option to tax property

by | Jan 25, 2024 | Value Added Tax

There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent supplies by the person making the option to tax will be subject to VAT at...