Small businesses in the UK may feel overwhelmed by the complexities of Value Added Tax (VAT). But, understanding VAT is essential if you want to stay compliant with HMRC regulations and ensure your business is profitable. In this blog post, I will explain everything you need to know about VAT so that you are up-to-date…
How HMRC is making it easier for individuals and businesses to get their tax right and keep on top of their tax affairs. DocumentsOverview of Making Tax Digital – GOV.UK (www.gov.uk)Making Tax Digital for VAT — mythbuster – GOV.UK (www.gov.uk) DetailsMaking Tax Digital is a key part of the government’s plans to make it easier…
When to register for VATYou must register if: You must also register (regardless of VAT taxable turnover) if all the following are true: You can choose to register for VAT if your turnover is less than £90,000 (‘voluntary registration’). You must pay HM Revenue and Customs (HMRC) any VAT you owe from the date they…