VAT

VAT - Entertaining Expenses A look at the rules on being able to reclaim VAT on business entertainment and staff entertainment.

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VAT - Motor Expenses All the different aspects of vat on car expenses including:

  • Leasing
  • Fuel
  • Mileage Allowances
  • Car Parking
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VAT Annual Accounting A scheme to help your cashflow - how it works and who can use it.

With the Annual Accounting Scheme you complete one VAT return per year instead of each quarter.

The advantages of using the scheme are that:

  • Only one VAT return is required per year and you have two months in which to complete it.
  • Cash flow is helped by regular monthly payments.
  • You can choose the VAT return year that you want.
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VAT Cash Accounting A scheme to help your cashflow - how it works and who can use it.

Under the cash accounting scheme you account for VAT on the basis of payments you receive and make, rather than on invoices you issue and receive. The main benefit of this scheme is that you don't have to pay VAT on invoices you have issued until your customers pay you, although it also means you can't reclaim VAT on purchases until you pay your suppliers. You get automatic bad debt relief because, if no payment is received, no output tax is due.

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VAT Flat Rate Scheme The VAT flat rate scheme is designed to make it simpler and quicker for small businesses to complete their VAT return.

This is because VAT payable to HMRC is calculated as a particular percentage of the gross turnover of the business and not as the difference between VAT on individual sales and purchases. In particular there is no need to record the VAT incurred on most purchases and determine whether it is reclaimable or not, so there is less chance of error.

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VAT for Beginners Most purchases carry a VAT charge. Value Added Tax (VAT) is levied on most business transactions and on many goods and some services.

There are three rates of VAT in the UK:

  • 20% (the 'standard' rate).
  • 5% ('reduced' rate) and
  • 0% ('zero' rate).

You will probably have to register for VAT if any of the following apply...

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