If you run a small business in the UK, you’ve probably heard about the VAT registration threshold. Currently, if your taxable turnover reaches £90,000, you must register for VAT. But what if you’re under that figure? Should you voluntarily register for VAT? This is a common question for freelancers, sole traders, and small limited companies. […]
Category Archives: VAT Return
The word “adjustment” means alteration in the English Language whilst “error” means a mistake. The difference between the two is important because when it comes to your VAT Returns how you deal with a VAT error is different to how you can deal with a VAT Adjustment. What qualifies as a VAT Adjustment? […]
The changes in the VAT penalty system which we have known about for a while comes into effect next month (January 2023). We are expecting more details this month from HM Revenue & Customs but here’s what we know so far relating to the changes to VAT penalties. The main reason for the introduction of […]
It’s not long to go before 1st April 2022. What is the relevance of this date you ask? This is the date MTD comes into play if you are a VAT Registered business but not yet filing under MTD. What is MTD? Making Tax Digital (MTD) is HM Revenue & Customs plan to digitise […]