VAT

This category contains 3 posts

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

April 2016: Do you know what’s changed?

I’m keeping this simple, and relevant to my client base – small limited companies, partnerships and sole traders. Here’s a list of changes to be aware of, starting this tax year: 1. Personal Allowance: Increases to £11,000 so nil tax to pay on the first £11,000 of total earnings unless you earn more than £100,000 … Continue reading

Charging VAT on Expenses – Disbursements and Recharges

For VAT purposes, Disbursements and Recharges are two ways of treating costs incurred on behalf of customers. DISBURSEMENTS Goods or services paid for on behalf of a customer but RECEIVED AND USED BY THE CUSTOMER can be treated as disbursements for VAT purposes. This essentially means that your role is limited to that of an … Continue reading

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