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VAT

Archive of articles and guides on Value Added Tax (VAT) issues for UK small business owners. Topics covered include charging VAT on services and goods, VAT registration, thresholds, taxable turnover, dealing with mistakes and HMRC, and many other related questions.

Accounting

Managing VAT: A small business guide

Iain Masterton gives key pointers on what small businesses need to do to be VAT compliant, how best to minimise VAT payments and maximise available reliefs.

Accounting

Don’t get your fingers burned on VAT tax issues

As the Great British Bakeoff returns for a seventh series, Emily Coltman gives her top tips for helping make sure your VAT cake doesn’t collapse.

News

Eligible businesses failing to claim back VAT

More than a third of the UK's small and medium-sized enterprises (SMEs) are missing out on significant VAT savings they are entitled to, according to a study.

Accounting

Can we reclaim VAT from a service provider?

As a small company in construction we are VAT-registered. Our quantity surveyor has recently become VAT-registered and therefore his invoices have increased owing to the VAT element. Can we reclaim this VAT as he is a service provider?

Accounting

Accountant wrongly told me I was VAT exempt

My former accountant advised me over a period of five years that I was VAT-exempt. He was incorrect with his professional advice. My VAT bill was £53,000. Is there anything I can do about it?

Accounting

 Can I claim back VAT?

I started a new business eight months ago but was not VAT-registered. Now I want to sell machinery and close the business. Can I claim VAT back and do I need first to register then sell the business?

Tax

Will I have to pay back VAT?

My turnover is well below the current VAT threshold. If I cancel my VAT registration, will I have to pay back the VAT I have already claimed?

Accounting

What can I claim as a mileage allowance?

I have a limited, VAT-registered company. The car I use is my own. What am I allowed to claim as a mileage allowance and what are the VAT implications?

News

Businesses call for VAT reduction

A year after the contentious rise in VAT from 17.5 to 20 per cent, businesses are calling for the rate to be reduced to help their company move forward.

News

Small operators boosted by VAT loophole closure

The closure of a tax loophole that allows large retailers to undercut smaller operators has been hailed as ‘excellent news for the high street’.

News

FPB rallies against VAT loophole

The Forum of Private Business is refuting a claim that closing a controversial VAT loophole would hit small firms hardest.

News

FPB: Keep records to avoid fine

The Forum of Private Business is warning small firms to keep proper financial records or face fines in excess of £3,000.

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