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VAT

Do I Include all My Sales In the VAT Second Hand...

The VAT Second Hand Margin Scheme is one of the more complicated VAT schemes available to small businesses in the UK. When trying to...

VAT Second Hand Margin Scheme: Calculating Your Margin

When calculating your margin for the VAT purposes of the second hand margin scheme, you need to remember this: VAT under the margin schemes is...

VAT Margin Scheme for Second Hand Goods Businesses

HMRC has designed the VAT Margin Scheme (also nicknamed the 'Second Hand Goods Scheme') for businesses who buy goods from individuals who are not VAT...

The VAT Cash Accounting Scheme: Do’s and Don’ts

Even though you don't need to formally let HMRC know that you are using the VAT Cash Accounting Scheme, there are still rules that...

The VAT Cash Accounting Scheme: An Overview

The VAT Cash Accounting Scheme is one of the popular VAT schemes that I come across as an accountant.  As with any scheme there...

Combining the VAT Flat Rate and Annual Accounting Schemes

HMRC offers a number of VAT schemes for small businesses aimed to help simplify reporting and aid cashflow management.  Two such schemes are the...

VAT Annual Accounting: How to Apply to Join the Scheme

You can apply to join the VAT Annual Accounting Scheme by post or online, but first you should check your eligibility. Who Is Eligible to...

What is the VAT Annual Accounting Scheme?

HMRC offers a numbers of different VAT schemes to try and make things easier for small businesses but knowing which one is most suitable...

5 Reasons to Use the VAT Flat Rate Scheme

The VAT Flat Rate Scheme can be a really smart decision to make if you are self employed, starting a new business or work...

VAT Flat Rate Scheme Example

There are a lot of rules and regulations surrounding VAT and the flat rate scheme is no exception.  Here is an example of the...