Running a business

VAT

Running a business - VAT

Recently added Tips & Advice

EXPORTS - 30.11.2023

Selling goods to individuals in the EU: what are the pitfalls?

Your business has the chance to sell goods to private customers in the EU and you are aware there is a low value tax scheme. What is the threshold for these sales and what must you consider to avoid a problem with the EU tax authorities?

VAT RETURNS - 30.11.2023

Change to VAT processing policy

If you submit a return late, HMRC could take longer to process it in the future, meaning an estimated debt will be held on file for longer. What does this mean for your business?

ADMINISTRATION - 30.11.2023

How to reclaim VAT on late-posted purchase invoices?

You’ve discovered that a bundle of purchase invoices were omitted from your last VAT return, with total input tax unclaimed of nearly £20,000. What issues must you consider to solve this problem?

PARTIAL EXEMPTION - 30.11.2023

How does the annual adjustment work?

Your business is partially exempt and uses the standard method to work out how much input tax to claim each quarter. However, you have not carried out any annual adjustment calculations for the last three years. What action should you take to correct this problem?

PROPERTY INCOME - 30.11.2023

Are rooms rented out by beauty salon exempt from VAT?

One of our subscribers trades as a hairdresser and needs to raise extra income by subletting rooms in her salon to other traders in the beauty industry. Will she charge VAT on these supplies?

INPUT TAX - 30.11.2023

How much VAT can you claim on mixed use assets?

Your business is buying two assets, a yacht and a motorbike, which will both have business and private use because they will be available to staff and directors for leisure trips. How much input tax can you claim on these purchases?

> Recently added Tips & Advice

Running a business - VAT

Most read Tips & Advice

VAT - 05.09.2023

Can you legitimately dodge registration?

Because of exceptional circumstances your business turnover has exceeded the VAT registration limit. You’re sure that this won’t be repeated. Must you register and wait to deregister when your turnover falls or is there an alternative?

VAT - 17.10.2023

Reclaiming VAT incurred in an EU country

If you buy goods or services from an EU country that you import for use in your UK business, you must usually deal with the VAT ins and outs through your quarterly returns. But what about VAT paid on purchases made while in an EU country?

VAT - 26.10.2023

How soon should you register for VAT?

You’ve started a business to make a little extra cash. You don’t expect the turnover to ever come close to the VAT registration limit, but might you be required to register anyway, and if not is there an advantage to registering voluntarily?

> Most read Tips & Advice