Andrew Needham looks at the VAT position of service charges on commercial property. I t is common for leases between landlords and tenants to give details of what services the landlord shall provide and what the tenants shall pay for the upkeep of the building as a whole. The lease may provide for an inclusive […]
VAT: Service Charges on Commercial Property Read More »
This discussion is based on what is the VAT threshold. Value Added Tax (VAT) is an important tax in the UK that can have a significant impact on businesses of all sizes. In this discussion, we will explore the key concepts and rules that surround the VAT scheme in the UK. Including the VAT threshold,
What is VAT Threshold? Read More »
Looks at what is known as the ‘golden brick’ and its effect on the VAT treatment of new residential property in the construction industry.I t is not uncommon, in these cash-strapped times, for construction companies to start work on a housing project and either run out of money or stop building due to a lack
Construction Industry: The ‘Golden Brick’ Read More »
Payments on account (POAs) for the selfemployed or those taxpayers who have significant income from sources other than employment have been compulsory for nearly 30 years. POAs are advance payments towards the final tax bill, made twice a year (in January and July) based on the previous year’s tax liability. The payment dates could not
Business Strategies: Spreading Tax Payments Read More »
Let’s dive into the intro of our discussion on how to find the VAT number of a company. So, when it comes to locating a company’s VAT number, it’s essential to have a few tricks up your sleeve. One of the primary methods is to check official documents like invoices or receipts, as companies often
How to Find VAT Number for a Company? Read More »
Deregistering VAT in the UK refers to the process of cancelling a business’s VAT registration with HMRC. This means that the business will no longer be required to charge VAT on their goods or services, but they’ll also no longer be able to claim back VAT on their business expenses. A business can deregister for
How to Deregister for VAT? Read More »
HMRC are currently taking an inordinately long time to issue VAT registration numbers. You used to be able to get a VAT number within 24 hours but HMRC now advise a delay of up to three months. The delay is because HMRC have updated the registration process, requiring businesses to submit applications via a new
When Should A Business Leave A VAT Scheme? Read More »
The most frequent question that the clients ask from time to time is about the consequences of not registering for VAT in the UK. This can be about the unique needs of a limited company or sole trader who is associated with the business industry, and who is planning to get registered for VAT because
How to Record VAT on Expenditure Invoices When Not VAT Registered Read More »
Many people see the option of becoming a sole trader and carrying out a business as a legal sensible choice to be associated with the business world. Some opt for the value-added tax voluntarily and others just pass the fact as it is not applicable to them. Whatever the case may be, you certainly need
The Sole Trader, VAT and When to Incorporate Read More »
The VAT is a simplified scheme that can save work. Instead of working out the VAT that you need to pay over to HMRC by deducting input VAT from output VAT, you pay a fixed percentage of your VAT-inclusive turnover. The percentage depends on the nature of your business. Who Can Join? To be
VAT Flat Rate Scheme – Is It Worthwhile? Read More »
