VAT rates, registration and deregistration limits.
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.
Where a VAT registered person makes supplies of goods or services to another VAT registered person, subject to the standard or reduced rate.
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.
Fuel scale charges for VAT for use from 1 May 2011
Fuel scale charges for VAT
VAT fuel scale charges for 1 month period
VAT fuel scale charges for 3 month periods
VAT fuel scale charges for 12 month periods
This subject has been causing confusion for the whole 35 years we have had VAT in the UK. There are a number of issues to consider.
Affiliated to the subject of recharges is the issue of how to differentiate between single and multiple supplies for VAT purposes. In certain circumstances, there will be different parts or facets to a supply, which are viewed together as one overall ...
Deregistration from VAT is usually a fairly straightforward process. However, there are some important aspects to bear in mind which, if misunderstood, could prove costly.
The significant VAT announcement in the Emergency Budget was the increase in the standard rate from 17.5 per cent to 20 per cent with effect from 4 January 2011, although other, minor changes were also announced.
Cash accounting enables you to account for VAT on the basis of payments received and made instead of on tax invoices issued and received.
This scheme is designed to reduce the cost of complying with VAT obligations by simplifying the way small businesses calculate their VAT.
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 cashflow and budgeting and reduce the paperwork involved.
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.
One of life's certainties is that if you are a VAT registered business, sooner or later you will receive a visit from a HM Revenue & Customs officer. VAT...
The complicated penalty system for VAT errors has been simplified, but it is not all good news.
VAT grouping occurs where two or more corporate bodies, usually companies or limited liability partnerships are treated as a single taxable "person" for VAT purposes. A VAT group is treated in the same way as a single company registered for VAT on its own.
