VAT

This category contains 5 posts

Recharging Expenses and VAT

Recharging expenses occurs when you ‘recharge’ your expenses to your customer eg travel fare or hotel bills.Note that recharges are not disbursements. If you are VAT-registered, there are VAT consequences to be aware of when processing recharges. Using three expenses: You were charged £100 + £20 VAT (for perhaps hotel accommodation); You were charged £30 … Continue reading

GENERAL VAT RULES – Guide prepared 08 Sept 2017

B2B supply of services (includes businesses, charities, government departments or any other organisation involved in business or a mix of business and non-business activities). For our purposes, place of supply is generally where the customer is based/registered. For EU business customers, proof of trading must always be requested preferably VAT registration. Notice 741a     … Continue reading

VAT Flat Rate Scheme – Completing the return.

The flat rate scheme is designed to simplify the VAT accounting process for small businesses with taxable turnover of £150,000 or less (as at May 2016). An overview can be found here. FILLING OUT THE ONLINE VAT RETURN FORM All the boxes on the return MUST be completed. If a box is not relevant, insert … Continue reading

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