by AJN Accountants | Feb 23, 2024 | Accounting, Advice, FAQs, Small Businesses, VAT
In the world of VAT, a business can be unaware of a fraud in the supply chain and still be regarded as a fraudster, if they have not properly vetted their suppliers or has ignored signs of potential connections to fraud. In 2023 alone there were three high-profile...
by AJN Accountants | Jul 7, 2023 | Property, VAT
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...
by AJN Accountants | Mar 15, 2023 | VAT
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...
by AJN Accountants | Jan 23, 2023 | Accounting, Advice, VAT
What is the issue? Recent tribunal cases have further highlighted that a business can only claim input VAT if the expense was for business purpose and for supplies related to its own business. VAT can’t be claimed on an expense belonging to a different business even...
by AJN Accountants | Dec 26, 2022 | Business, Tax planning, VAT
The VAT registration threshold has already been frozen at £85,000 since April 2017 and it will now be fixed at that level until April 2026. The Chancellor made the point that the UK’s VAT registration threshold is more than twice as high as the average in OECD...
by AJN Accountants | Jun 10, 2022 | Accounting, Advice, Business, Financial planning, Tax planning, VAT
It is important to keep your personal money and your company’s money completely separate. If you use your company’s bank card to buy personal items or to pay your own bills, that expenditure is treated as a loan to you. The loan creates a corporation tax...