VAT can be a confusing subject. Learn more about how to manage VAT efficiently in your business, from monitoring turnover and registration, to recording transactions, sending VAT invoices, and MTD reporting requirements.
Knowing whether you need to register for VAT, and how it all works, can be daunting. One of the first things to trip up lots of people is that registering for VAT is based on your business’s turnover, not on what type of business it is. So, whether you’re an individual sole trader, a limited…
The VAT accounting scheme your business uses can have a big impact on the way you calculate and report VAT, and even affect cash flow. Some schemes do have eligibility restrictions, but as long as you meet their criteria you can register for VAT on a scheme to suit your particular needs. The different requirements…
UK businesses are dealing with more and more cross-border transactions, making VAT a tricky topic. In this article we’ll go over the rules around import and export VAT, and what they mean for your business. Jargon ahoy! Is VAT different for imports and exports? VAT is a consumption tax levied on goods and services. In…
You’ll only need to show a VAT number on your invoices if your business becomes VAT registered, but registering for VAT isn’t a requirement for starting or operating a business. So, if you’re not VAT registered, and you don’t need to be, then you can simply send your invoices out as normal. If you become…
Value Added Tax (VAT) can seem daunting, but once you get the hang of the process it becomes much more manageable. Whether you’re a seasoned business owner or a newbie to the world of commerce, understanding how to make a VAT submission is really important. Let’s take a look at how you can handle VAT…
