by Lisa Dickson | Jun 7, 2017 | HMRC and tax
Once you are registered for VAT what changes do you need to make to your bookkeeping process? What does this mean for your customers? And what do you need to think about when preparing your first VAT return? 1. Increase your prices Unless you want to cover the...
by Lisa Dickson | Jun 5, 2017 | HMRC and tax
Whether you are newly registered for VAT or you have been registered for a while – be aware of these 9 common VAT pitfalls. These are the most frequent errors we see when we are reviewing small business VAT returns. 1. Heavy penalties from failing to plan for...
by Lisa Dickson | May 31, 2017 | HMRC and tax
Updated 09/03/2024 You are legally obliged to register for VAT when your business ‘taxable supplies’ within a rolling 12 month period exceeds the VAT threshold. As of 1st April 2016, the VAT threshold was £83,000. This increased to £85,000 from 1st April 2017 and...
by Lisa Dickson | May 16, 2017 | HMRC and tax
In very simple terms invoices or receipts tell a customer what they have bought from you and whether it has been paid for or is still to be paid. What must you include on your invoice? Once registered for VAT, you must show the following details on any VAT invoice you...
by Lisa Dickson | Apr 29, 2017 | HMRC and tax, Small Business Accounts
In some cases sponsorship is a great way to advertise your businesses. It is also about tapping into the passion of your target audience and having a story to tell. But when is it an allowable expense for tax purposes and when is it justifiable to claim back the VAT...
by Lisa Dickson | Apr 8, 2017 | HMRC and tax
When you register for VAT there will be a crossover period between submitting your application for VAT and getting your VAT number from HMRC. You can’t charge or show VAT on your invoices until you get your VAT number. However, you will still have to pay the VAT to...
