Easy to understand VAT guides to give you a better understanding of VAT and how it affects your small business. In this section, you’ll find all the essential guides you need to jump-start your knowledge whether you’re just starting out and want to learn what VAT is, are worried you’ve crossed the registration threshold, schemes available or would like to check you’re reclaiming everything you’re entitled to.
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Despite their unincorporated status, sole traders are business owners, and that means a sole trader can be tax registered. However, that doesn’t mean they have to be. Read on to find out more about whether you should be VAT registered as a sole trader. 1. Do Sole Traders Pay VAT? As a sole trader, whether … Read more
Understand what a VAT exception is, which businesses are eligible to apply for one and how to request this from HMRC.
Find out whether there is VAT on payroll and whether you can use the costs of your wages and salaries to reduce your VAT bill.
Claiming for a VAT exemption means a business can avoid registering for VAT, with the agreement of HMRC. In this guide, I’ll explain more about what a VAT exemption is, who can apply for one and how to gain the agreement of HMRC.
Understand how the partial exemption works & how calculate the portion of input VAT that can be claimed back subject to the de minimis limit
Understand what HMRC means by VAT exempt sales, see some examples and understand why they don’t appear on VAT returns.
Calculate how much VAT you need to add to your invoices or check how much VAT you’ve paid in a VAT-inclusive price calculator.
A guide to VAT repayments, how long you’ll have to wait and when you may be entitled to a repayment supplement.
How to work out VAT backwards when you have a VAT-inclusive figure or you want to remove VAT to find out the net price.
Going VAT registered is a major milestone for your business but it does bring with it more responsibilities. Here are some of the things you need to think about as you take this major step so you can get set up correctly, stay on the right side of HMRC and make the admin side of things easier to handle.