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The VAT issues you need to consider when running your business.
VAT registered businesses act as unpaid tax collectors and are required to account both promptly and accurately for all the tax revenue collected by them. This factsheet highlights some of the areas that you need to consider when running your business.
The annual accounting scheme helps small businesses by allowing them to submit only one VAT return annually rather than the normal four.
This factsheet explains the situations where the VAT bad debt relief applies.
Cash accounting enables a business to account for and pay VAT on the basis of cash received and paid rather than on the basis of invoices issued and received. The factsheet explains the workings of cash accounting.
The VAT flat rate scheme for small businesses potentially reduces the administrative burden imposed when operating VAT. Under the scheme, a set percentage is applied to the turnover of the business as a one-off calculation instead of having to identify and record the VAT on each sale and purchase you make. This factsheet explains how the VAT Flat Rate Scheme works.
An overview of the Making Tax Digital for VAT regulations.
This factsheet focuses on VAT matters of relevance to the smaller business. A primary aim is to highlight common risk areas as a better understanding can contribute to a reduction of errors and help to minimise penalties.
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The government has delayed the introduction of Making Tax Digital (MTD) for Income Tax Self Assessment (MTD for ITSA) for a year.
From April 2022, the government plans to create a new social care levy which will see UK-wide tax and National Insurance Contribution (NIC) increases.