Choosing the Right VAT Scheme for Your Business

There are a number of ways to account for VAT. While standard VAT accounting is used by many firms, small business owners may wish to consider the alternative schemes that are available. Choosing the most suitable option could save you a considerable amount of time and money. Annual accounting scheme Under the annual accounting scheme, … Continue reading Choosing the Right VAT Scheme for Your Business

Autumn Business Newsletter

Our latest newsletter is here, packed with information on estate planning, VAT schemes, capital allowances and much more! To view our latest newsletters, visit the publications section of our website. Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

Concerns for small businesses using the VAT flat rate scheme

From 1 April 2017 HMRC are changing the rules for using the VAT Flat Rate Scheme (FRS).  In an attempt to wipe out what HMRC has seen as abuse of the flat rate scheme, businesses will now need to determine whether they fall into a “limited cost trader” category, by comparing the percentage of goods … Continue reading Concerns for small businesses using the VAT flat rate scheme

Tax Saving Strategies To Implement Before 5 April and our Spring Newsletter

Keep up to date with tax matters and explore some of the tax saving opportunities with our recent newsletters. Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

Changes to the VAT Flat Rate Scheme

As announced in the Autumn Statement, there are significant changes ahead for companies using the Flat Rate Scheme (FRS) for VAT. The FRS will continue to run, however many businesses will find it is no longer economical to use. Under the FRS, a business ignores VAT incurred on purchases when reporting VAT, with the exception … Continue reading Changes to the VAT Flat Rate Scheme

How to Save Time and Money in your Business

For businesses that are VAT registered or planning to be in the future, there is a simple way to save both time and money on the preparation of your VAT returns. This is the flat-rate scheme for VAT, which is available to businesses with an annual turnover of £150,000 or less. The flat-rate scheme applies … Continue reading How to Save Time and Money in your Business