Recently released Information Sheets (July 2013)

Recently released Information Sheets (July 2013) Electronically supplied services: Special scheme for non-EU businesses and changes to the VAT rate HMRC has published Information Sheet 08/13: Electronically supplied services: Special scheme for non-EU businesses and changes to the VAT rate. This information sheet confirms that the VAT rate for … [Read more...]

Five things you need to do to avoid VAT penalties

Five things you need to do to avoid VAT penalties Only five things? At the moment… There are plenty of things you need to do, these are just some of those that you are unlikely to find written down anywhere yet can help you when HMRC carry out an inspection of your books and records. Let’s pile in. 1. Accounting system Make sure your accounting … [Read more...]

Six ways to avoid VAT penalties

Six ways to avoid VAT penalties The VAT penalty régime is intended to make more businesses comply with the deadlines for submitting VAT returns, paying VAT and keeping accurate business records. Here are six simple things you can do to help avoid a VAT penalty. Submit your VAT return by the due date. Almost everyone has to do their VAT … [Read more...]

What’s the new VAT Fraction?

Now that the new rate of VAT is here I'm being asked: what is the new VAT fraction? The new VAT fraction is 20/120 or 1/6. Why is this important? It's an easy way to work out how much VAT there is in a VAT inclusive amount. For example, you buy some note pads and box of pens from the stationers. You pay £24.00 and get a till receipt that … [Read more...]

A salutary tale for the new business…

Remember to check your turnover every month if you are close to the VAT registration limit... Why? I had a phone call yesterday from a tax adviser. They had a client who had gone over the registration limit, albeit briefly, three years ago. The client decided to take no action as they expected their turnover to fall below the registration limit … [Read more...]

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