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VAT

VAT inspections

One of life's certainties is that if you are a VAT registered business, sooner or later you will have a check by an HMRC officer, either at your business premises or remotely.

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VAT dos and don'ts

If you need to check you are being given a valid VAT number you can call HMRC's national advice service on 0845 010 9000 from 8am to 8pm Monday to Friday.

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Annual accounting scheme

Under annual accounting, you make agreed payments on account and need complete only one VAT return per year. The purpose of the scheme is to aid cash flow and budgeting.

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Flat rate scheme

This scheme is designed to reduce the cost of complying with VAT obligations by simplifying the way small businesses calculate their VAT.

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Cash accounting scheme

Cash accounting enables you to account for VAT on the basis of payments received and made instead of on tax invoices issued and received.

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Recovering VAT on staff expenses

Although the VAT rules normally prevent you reclaiming VAT on supplies that are not made direct to you, there are certain circumstances when the rules are relaxed.

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Bad debt relief

Under the normal rules of VAT, a supplier has to account for output tax even if the supply has not been paid for. VAT cannot be reclaimed by issuing a credit note for the unpaid amount.

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An introduction to VAT

Detailed guidance on the operation of VAT, VAT schemes and essential VAT information.

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VAT Return Due VAT Rate Change
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