VAT tips for small businesses
Keeping on top of your VAT responsibilities as a small business can be difficult.
Value Added Tax
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How do VAT schemes work?
It is compulsory for businesses to register for VAT if your taxable turnover for the previous 12 months is over £85,000. There are several VAT schemes that aim to simplify…
Small businesses: When do you need to register for VAT?
It is compulsory for your business to register for VAT if your taxable turnover for 12 successive months surpasses the VAT registration threshold.
HMRC’s online VAT return set to close on 1 November
From 1 November 2022, VAT-registered businesses will have no choice but to use Making Tax Digital (MTD) compatible software to file their VAT returns, unless they have a digital exclusion…
Small businesses “unprepared” for extended rollout of Making Tax Digital for VAT
Just two in 10 VAT-registered businesses yet to comply with Making Tax Digital (MTD) for VAT are “unaware” of the April 2022 deadline, a major study has revealed.
Making Tax Digital for VAT – What you need to know
The next few years will see several significant changes to taxation, including, more immediately, the further expansion of Making Tax Digital (MTD) for VAT in April this year.