When Should You Register for VAT Voluntarily?

When Should You Register for VAT Voluntarily?

For many small business owners, VAT registration is seen as something to avoid until absolutely necessary. However, voluntarily registering for VAT before reaching the £90,000 threshold (from April 2024) can offer several benefits—depending on your business model. In...
Could the Annual VAT scheme be better for you?

Could the Annual VAT scheme be better for you?

Typically, most VAT-registered businesses submit their VAT Returns and payments to HM Revenue and Customs quarterly. By choosing the Annual Accounting Scheme for VAT, you eliminate the need to file quarterly VAT returns. However, there are other factors to consider,...
VAT on energy saving materials

VAT on energy saving materials

The zero rate of VAT has been extended to include the installation of additional energy-saving materials (ESMs) from 1 February 2024. The installation of certain specified energy-saving materials (ESMs) in residential accommodation is zero rated for VAT. The more...

VAT on land and buildings

When purchasing commercial premises you need to know whether VAT will be added to the price as the stamp duty land tax charge (or similar taxes in Wales or Scotland) is calculated on the VAT inclusive value. Most older commercial buildings will be exempt from VAT...

New VAT late-filing penalties

All VAT returns must now be submitted digitally using MTD compatible software (unless the business has an exemption) so the VAT penalties have been revised to fit with this new regime. If you submit a VAT return late for a period starting on or after 1 January 2023...