Lowering the threshold for VAT registration would breach Labour’s manifesto, IPSE, the Self-Employed Association has warned. IPSE says that the government is in a bind both politically and economically. Having ruled out tax rises on ‘working people’ and hiking employer…
The financial benefits of MTD for VAT could be as high as £915 million, according to analysis carried out by HMRC. Since April 2022 all VAT-registered businesses should be using MTD compatible software to keep digital records and submit returns. HMRC…
HMRC has launched a digital tool to help businesses estimate what registering for VAT may mean for them. The VAT Registration Estimator helps to show businesses when their turnover could require them to register for VAT and its effect on profits.…
What is VAT? Value Added Tax (VAT) is a consumption tax that is levied on the value added to goods and services at each stage of production or distribution. In the UK, businesses collect VAT from their customers on behalf…
The VAT domestic reverse charge is a mechanism that shifts the responsibility for accounting and reporting for VAT from the supplier to the customer in certain construction-related services. It is designed to combat fraud and tax evasion in the construction…
The flat rate VAT scheme is a simplified method of accounting for Value Added Tax (VAT) that can be used by small businesses. It is designed to make it easier for these businesses to calculate and pay VAT to HM…
