Back to Tax Basics: How does VAT work?

Back to Tax Basics: How does VAT work?

content Value-added tax (VAT) is a consumption tax that’s levied on goods that have had value added at each stage of the supply chain.   Most businesses with annual sales of £85,000 or more have to register for VAT. And even if your sales are below that level,...
New changes to the Flat Rate VAT scheme

New changes to the Flat Rate VAT scheme

Effective from 1st April 2017, the government has announced new changes to the Flat Rate VAT scheme.  The VAT flat rate scheme used to be perceived as the easiest VAT scheme. Many small businesses rely on this scheme for record keeping since it takes a simple...
New changes to the Flat Rate VAT scheme

Do you need to register for VAT?

Do you need to register for VAT?  This is a question many directors of companies ask themselves.  The whole concept of VAT can be a little tricky to understand especially as some goods don’t incur VAT at all. How much do you need to earn before you must register...