How to delay being VAT registered
VAT registration and small businesses VAT registration is a problem for small businesses who sell to the general public. When your annual turnover exceeds £90,000, you must register for VAT and pay 1/6th of your gross sales to HMRC. However, there are some ways that...What is a VAT assessment?
The reason for HMRC sending you an assessment is that you are late submitting your VAT Return. If you pay the assessment you could wait a very long time for them to correct the amount after you send in your Return, which is especially annoying if they owe you money!...Should I charge VAT on recharged expenses?
As a VAT registered IT consultant, I invoice an Agency for my time and I occasionally recharge expenses for travel and accommodation. My Agency refuses to pay the VAT on these recharged expenses – saying they are a ‘disbursement’ and VAT shouldn’t be applied. I’m out...VAT reverse charge for building and construction services
On 1st March 2021, the VAT reverse charge for building and construction services came into effect for VAT registered businesses in the Construction Industry Scheme. In a nutshell, from 1st March 2021, the reverse charge means that a subcontractor in the CIS scheme...What is the difference between Cash accounting and Invoice accounting for VAT?
Comparison of benefits of each scenario when using Cash or Invoice based accounting.