Value Added Tax is a tax that suppliers of either goods or services charge on top of the cost of the goods or service and is something often handled by a specialist business accountant. There are four different VAT categories depending on the type of goods and services supplied.
View this HMRC video in which you will be taken through the different VAT rates and some things that don’t include VAT.
It also contains information about what you can and can’t claim for VAT, and keeping the correct business records.
The Chancellor’s 2013 Budget contained some important announcements and confirmed a number of changes planned for the new tax year.
Following this, we are delighted to attach the Tuchbands Budget Report which contains the latest tax and financial information, which we trust you will find useful.
As a result there may be a number of changes that will affect you so please fee…
On 9 January HMRC launched a VAT Outstanding Returns Campaignwhich is aimed at businesses who are behind with their VAT returns.
If the outstanding returns are not filed by 28 February, then these businesses are under threat of being targeted for detailed enquiries which could result in penalties.
That leaves eight days to file any outstanding VAT returns.…
Businesses have to register for VAT as soon as the turnover exceeds £77,000. A common misconception is that this is measured by reference to the annual accounts. However, it is actually measured on a rolling 12 month period. Once the registration is level has been exceeded, registration has to be done withing 30 days thereafter. HMRC will then register from the first day of the ne…