Effect of VAT Deregistration

Effect of VAT Deregistration

Where your business deregisters it can trigger hidden VAT charges. What are they and what steps can you take to avoid them? Unregistered advantage Not having to add VAT to their prices can give non-registered traders a competitive edge in the market, mainly where they...
Is Flat Rate VAT Scheme Suitable For You?

Is Flat Rate VAT Scheme Suitable For You?

If you sign up to HMRC?s flat rate scheme for VAT and find that it?s costing you money, can and should you opt out? The flat rate VAT rate The VAT flat rate scheme (FRS) allows companies and other businesses to pay VAT at a lower rate in exchange for agreeing not to...
Maximise Your Reclaimable VAT

Maximise Your Reclaimable VAT

Your company makes both VATable and exempt sales, which means it can?t recover the VAT it pays on some purchases. Working this out involves several steps. How can you ensure you maximise the VAT reclaimable? Partial exemption When tax experts give advice on partial...
VAT Implications of Christmas Gifts

VAT Implications of Christmas Gifts

With Christmas approaching, clients are likely to start asking whether VAT can be reclaimed on seasonal gifts and staff parties. The rules on these can be confusing, so what should your advice be? SEASONAL GIFTS The cost of giving business gifts, for example to staff...
Recovering VAT incurred before registration

Recovering VAT incurred before registration

A 2015 VAT case considered the rules regarding recovering VAT incurred before the effective date of registration. What can clients do to maximise the amount of pre-registration VAT they are entitled to claim, and are there any traps to consider? EARL REDWAY V HMRC...
New VAT rules proposed for e-commerce businesses

New VAT rules proposed for e-commerce businesses

It may be several years before the new rules are implemented, but the EU intends to make legislative proposals in 2016 regarding the VAT regime for e-commerce businesses. What are the key changes planned? EXTENDING THE MOSS FACILITY The current mini one stop shop...