VAT
Making sense of the mysterious world of VAT
Models (24)
Flow chart - VAT deregistrationYou may be required to deregister for VAT or circumstances may allow you to do so. It can be favourable to remain registered or the opposite can be true. Either way it is important to understand what your options are in... Read more
15 Dec 2020
Flow chart - reclaiming preregistration VATA business is entitled to reclaim VAT it incurred on purchases of goods or services made before it was registered. As well as the general time limit of four years for goods, a shorter one of six months appli... Read more
15 Dec 2020
Flow chart - VAT registrationEvery business or organisation that makes taxable supplies of goods or services in return for consideration is entitled to or must register for VAT. Once registered the business etc. must add VAT to the amount it charges ... Read more
15 Dec 2020
Flow chart - VAT bad debt reliefIf you make supplies of goods or services to a customer but are not paid in full or in part, you may be able to claim a reduction in your VAT bill under the bad debt relief rules.Flow chartThe Flow Chart - VAT Bad Debt... Read more
15 Dec 2020
Flow chart - VAT Construction Industry Scheme reverse charge The VAT Construction Industry Scheme reverse charge applies to building and construction services supplied from 1 March 2021. Thereafter, customers covered by the scheme must account for th... Read more
15 Dec 2020
VAT reduced rate evidence logWhere you provide construction services relating to buildings, you may be able to charge the 5% reduced VAT rate, instead of the standard rate, if you the property meets a number of conditions.Reduced rateThe reduced VAT ... Read more
11 Nov 2019
Transfer of a going concern checklistIf you're VAT registered the default position when selling a business is that you must add VAT to the selling price. However, this won't be the case if the business is being sold as a going concern.Selling a busines... Read more
10 Oct 2019
Schedule of pre-registration expenditureIf in the four years before you register for VAT you incur expenditure for your business which includes VAT (input tax), you can reclaim it if conditions are met.Pre-trading expenditureIt is possible for you to... Read more
14 Feb 2019
Agricultural flat rate scheme letterIf you operate a small farming business, you might qualify for a little known scheme that can give your cash flow a boost.When is the scheme available?The agricultural flat rate scheme (AFRS) is available to a wide... Read more
04 Jan 2019
Letter withdrawing from flat rate schemeIf you use the flat rate scheme (FRS), you can leave it voluntarily at any time by writing a simple letter to HMRC.FRSIf you operate the FRS, you are free to leave it and change to standard VAT reporting at any... Read more
08 May 2018
