Flat rate scheme Archives | Taxfile

VAT Schemes in the UK: A Guide for Businesses

Taxfile — Mon, 03 Jun 2024 13:28:56 +0000

For businesses operating in the UK, understanding Value Added Tax (VAT) schemes is crucial. Not only does VAT impact your cash flow, but navigating the different options can feel overwhelming. This blog post simplifies VAT schemes in the UK, helping you choose the most suitable one for your business.

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Navigating the VAT Landscape in the UK: A Comprehensive Guide

Taxfile — Tue, 05 Dec 2023 10:17:43 +0000

Value Added Tax (VAT), a consumption tax levied on most goods and services in the UK, plays a significant role in the nation's economy. Whether you're a sole trader, limited company business owner or simply a curious consumer, understanding VAT is crucial for navigating the UK's tax system effectively. Today's comprehensive guide explains what it is, the various VAT rates, when you need to be registered for the tax, VAT schemes, and more.

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Domestic Reverse Charge for the Construction Sector

Taxfile — Wed, 10 Feb 2021 14:11:11 +0000

The Domestic Reverse Charge (DRC) for the construction sector comes into effect as of 01/03/2021. What does this mean for you? If you are VAT registered & you work falls under the Construction Industry Scheme (CIS) then from the 1st of March you will need a written declaration from your contractor that they are classified […]

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Domestic Reverse Charge for VAT within the Construction Industry Scheme

Taxfile — Thu, 05 Sep 2019 09:21:45 +0000

IMPORTANT UPDATE! On 06/09/2019 HMRC announced that the Domestic Reverse Charge will be postponed for 12 months and will come into effect 01/10/2020. Their official statment; “To help these businesses and give them more time to prepare, the introduction of the reverse charge has been delayed for a period of 12 months until 1 October […]

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Making Tax Digital for VAT

Taxfile — Fri, 15 Mar 2019 11:56:37 +0000

From 1st of April 2019 HMRC’s VAT Notice 700/22 will come into effect; Making Tax Digital (MTD) for Value Added Tax (VAT). The MTD initiative is believed to benefit HMRC on two levels. It will help to ensure the correct VAT is being paid to HMRC, & seeing that VAT accounts for the highest unpaid […]

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Vat Flat Rate Scheme

Taxfile — Sat, 21 Feb 2009 09:58:00 +0000

The VAT flat rate scheme was introduced on 24th April 2002 and was designed to assist small businesses through calculating VAT payments as a percentage of their turnover. This scheme was developed to reduce the cost of complying with VAT obligations and the time spent by removing the need to calculate and record output and […]

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VAT Accounting Schemes

Taxfile — Sat, 06 Sep 2008 08:57:00 +0000

Using Standard VAT Accounting, we must complete four VAT returns each year. Any VAT due is payable quarterly, and any VAT refunds due are also repayable quarterly. In contrast to standard VAT accounting, there are several alternative ways we can account for VAT that could save us time and money. Each of the schemes has […]

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