VAT

Inside this guide, you’ll find some handy tips to help you complete your first VAT return. You’ll find out when it’s due by, how to find the numbers you need and how you send your completed VAT return to HMRC.

Understand the three UK VAT rates and when they apply depending on the type of product or service being sold.

Understand the VAT threshold, how to calculate whether you have reached the VAT limit and how self-employed VAT registration works.

A guide to the VAT deferral scheme allowing businesses to delay payment of VAT between 20 March 2020 and 30 June 2020.

Understand what the advisory fuel rates are, when they are used and the applicable HMRC fuel rates for 2021.

Find out how to claim back VAT on fuel in a small business, using one of the four ways permitted by HMRC.

Find out how reclaiming VAT on cars works depending on how you’ve purchased your vehicle (including if it is a used car, brand new or commercial vehicle) and how much VAT can be claimed back, as well as what happens if you use your vehicle for personal as well as business.

HMRC have launched various different VAT schemes, which businesses can opt into if they feel it will bring benefit. Although it can make things confusing when it comes to choosing the best, they are designed to help with cash flow and reducing administration. In this guide, you’ll find some of the most common VAT accounting schemes, along with the pros and cons of each.

Have you heard about the recent excitement around MacDonalds slashing their prices?,Thats because the Chancellor has announced a temporary VAT cut from 20% to 5% for hospitality and tourism businesses. The temporary reduction is in place from 15 July 2020 to 12 January 2021.

The tax point of an invoice is the date used for VAT purposes to determine the date that VAT must be charged and which VAT quarter it gets included in. Here are the most common scenarios and the tax point to use.