Posts Tagged: VAT

VAT lumps, bumps and hiccups

We’ve covered the VAT basics in the previous post. But unfortunately life isn’t always simple. It has a nasty habit of getting complicated with lumps, bumps and hiccups along the way. Here are some of the more complex VAT issues including a few big VAT wolves that I hope you’ll never encounter. Can I claim… Read more »

Should I register my business for VAT?

They say ‘what you don’t know can’t hurt you’. Unfortunately that’s not true when it comes to tax, HMRC always assume that you know the rules. For many businesses, lack of knowledge about VAT can be a real ‘big bad wolf’. Knowing the VAT basics can keep you out of trouble with HMRC. It will… Read more »

Should I buy a car through my business?

Are you thinking about getting a new car? Maybe the old one has given up the ghost and it’s time for an upgrade? If a new set of wheels is on the cards there lots of options to consider, buy outright, buy on finance, new or second-hand. Another factor in the equation is your business…. Read more »

The 12 dates of tax returns

How well do you know your tax deadlines? Here’s a handy guide to make sure that they’re fully engraved on your brain and in your diary – the 12 dates of tax. If you’re feeling really bored you could make it into a quiz. Why not play along with friends and family? Or maybe not!… Read more »

I quit! How do I close down my business?

Maybe you’ve just had a job offer that’s too good to refuse. Maybe you’ve lost the passion for what you’re doing? Maybe you’re just not making the money that you need. Maybe a new opportunity has come along? Whatever the reason, sometimes you just have to say “That’s enough, I quit!” and close down your… Read more »

I’ve made a mistake with my tax? What can I do?

We all make mistakes. We’re only human after all. But what should you if you realise there’s a mistake in a tax return you’ve already submitted to HMRC? The main thing to remember is that once you realise your mistake, you are responsible for letting HMRC know about it. If HMRC review your tax and… Read more »

Can I claim mobile phone expenses from my business?

In the good old days of the landline, sorting out phone expenses was simple, business landline at the office for business, home landline for personal. In the modern days of the smartphone, things are much less clear cut. Few people want to carry around two mobiles, one for business and one for personal, it’s much… Read more »

What is happening to the flat rate VAT scheme?

If you are on the flat rate VAT scheme, you will have received a letter from HMRC letting you know that The VAT Flat Rate Scheme is changing. So what on earth is going on? This is a change that was announced quite recently in the Chancellor’s Autumn Statement on 23 November 2016 and comes… Read more »

Help. I don’t understand EU VAT!

There are few things that strike more fear into my heart than EU VAT, apart from perhaps spiders. In the age of the internet as it becomes increasingly easy to buy and sell abroad, so EU transactions are becoming a more common feature in the small business VAT returns. EU VAT cannot be avoided, (a… Read more »

What do I need to do for VAT MOSS?

If you have any kind of digital business in the UK, the chances are that you have heard of VAT MOSS and have been trying to work out how it will affect you. You may now be at the stage of taking getting something in place, or like many people, you might still be a… Read more »