Day: 2 June 2021

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What is the VAT Flat Rate Scheme?

Her Majesty’s Revenue & Customs (HMRC) Value-Added Tax, VAT Flat Rate Scheme has existed since the 2002 Budget. This was introduced for small businesses owners, so they can be relieved of the administrative burden when preparing VAT returns by having them pay roughly the same amount of VAT without the complexity of much paperwork. The …

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When Do I Have To Register For VAT?

Value-added tax can be considered one of the most controversial strategies of the previous century regarding taxation. It is the idea that we should add cost to goods and services for the benefit of the government.  Many people were opposed to this idea as this increases the cost of almost everything. When it was implemented …

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If I Have a Non-VAT Registered Business, Does Making Tax Digital Affect Me?

Making Tax Digital (MTD) is an innovation introduced by HMRC to make tax filing and payment more manageable. It requires that accounting software be used in completing tax returns and that records are kept electronically. Currently, Making Tax Digital is compulsory in VAT-registered businesses with a taxable turnover of £85,000. But does this mean that …

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