Tax & VAT

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How Long Does It Take For HMRC To Pay My VAT Refund

Nobody likes to be saddled with taxes, but that is the way of life. Every economic activity that we do, even the most straightforward act of buying a pack of biscuits, is taxed. There are different kinds of it—income, property, federal—but all kinds of taxes have one destination: the government’s hands. One tax in particular …

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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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Should I Register For Vat?

For substantial business decisions, most entrepreneurs have to rethink the idea a thousand times before coming to a choice. The same goes for the resolution of registering your establishment for value-added tax. As your sales start to grow, it is ideal to begin contemplating if VAT registration will benefit your business. In the last 12 …

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What Happens If I Miss MY PAYE Payment?

Where ever you will go, no matter what your status is, you cannot avoid the responsibility with tax. It can be your most significant contribution to the community and your duty as compliance with the government, or so they say. This article will also discuss paying an income tax through PAYE (Pay As You Earn) …

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What is Annual Accounting VAT?

The Annual Accounting VAT scheme is one method of paying VAT designed to reduce the administrative burden on small businesses. VAT-registered businesses usually submit their VAT Returns to the HM Revenue and Customs (HMRC) four times a year (quarterly). Still, with this scheme, your business is required to submit only one VAT return per annum. …

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Everything You Need to Know About Your Business’s VAT Taxable Turnover

For most business owners, the Value Added Tax (VAT) is a source of administrative pain. VAT is a consumption tax charged by businesses on goods or services at the point of sale, paid by the end consumer instead of the company that sold the goods or services. This is why it takes a lot of …

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Should My Small Business Use the Flat Rate VAT Scheme?

Before we get on to discussing whether your business should or shouldn’t be on the Flat Rate VAT Scheme, let us first talk about what this scheme is all about. Simply put, the Flat Rate VAT Scheme is a tax scheme designed by the United Kingdom government to simplify the sales and purchase records of …

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5 Things You Should Know About Late VAT Payments – What Happens if I Missed the Deadline?

Is it better late than never? When it comes to VAT payments, this is only half-true. Late payments of VAT to the HMRC has consequences like financial penalties, which can be quite heavy for a business. The due date to submit and pay VAT returns in the UK is the 7th day of the month. …

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