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
HM Revenue & Customs, VAT, VAT Compliance, VAT Return
Why do you need to know the difference between VAT Error and Adjustment?
10
Feb
Feb
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? […]
HM Revenue & Customs, VAT, VAT Compliance, VAT Return
Changes to VAT penalties – what you need to know
07
Dec
Dec
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 […]
09
Mar
Mar
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 […]