The VAT Flat Rate Scheme for Small Businesses – a brief description

The VAT Flat Rate Scheme for Small Businesses - a brief descriptionFor small businesses the Flat Rate Scheme (FRS) can be very useful as it simplifies the preparation of a business's VAT return. Before you rush off to sign up for the FRS you should take a few moments to consider whether using the FRS will benefit your business. This scheme probably … [Read more...]

Five Things You Need to Know About VAT Accounting

You may know nothing about VAT Accounting, but that doesn’t mean that you should remain ignorant. If you’re a VAT taxpayer, the more you know about it, the more benefit you and your business can derive from it. Here are five essential things that you need to know about VAT Accounting. 1 – VAT Registration and De-Registration How do you know … [Read more...]

How to account for VAT on deposits

I've been asked by a client how they should account for VAT on deposits they take. When a deposit is received for a future supply of goods or services, you have to account for VAT at the appropriate rate, i.e. 0%, 5% or 15%. It might be your standard practice to take a deposit to cover the cost of obtaining materials needed to carry out the … [Read more...]

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