The short answer: If your business exceeds a taxable turnover of £85,000 then yes, you will need to register for VAT. Understandably, there is often misinterpretation over what actually counts towards this figure and when it applies. To clarify: Your business will need to register for VAT if...
Written by Director Huw Moseley: I’ve just been with a new client who has experienced high sales in the last 12 months and now needs to register for VAT with HM Revenue and Customs (HMRC). His profit margins are tight, so he was surprised to hear that registration was...
Written by Director, Huw Moseley: If you’ve reached the VAT threshold (congratulations!) and need to register your business, it’s worth considering reclaiming any VAT that you have incurred on: Goods acquired in the last 4 years that are still owned at the date of registration Services...
Written by Director, Huw Moseley: Lots of the clients I work with are in a fortunate position to own a second property – and it presents an interesting field of accounting. Did you know, for example, Furnished Holiday Lets (FHLs) – quite apart from being a great...
Written by Director, Huw Moseley: If you read my last blog, you’ll know that my advice when dealing with HMRC is to know your accounts inside out and backwards – as some times even Government administration bodies make mistakes. Well, I’m blogging on this subject again because...
Written by Director, Huw Moseley: ‘Growth’ can mean different things to different businesses. It can mean a new member of the team, more clients or bigger clients, perhaps a new premise – or even a new business model. Setting up good accounting practices now will help...
Written by Director, Huw Moseley: If your business is likely to turn over more than £85k (the VAT threshold) this year - you need to know that it’s unlikely you’ll be able to use HMRC’s free online VAT filing service from April 2019. There are no plans to...
Written by Director Huw Moseley: With just a few months left of 2017, it’s the time of year when people start to get their affairs in order and up to date ready for the new year. It’s why I often get a spike in enquiries about this...
Written by Director Huw Moseley: I’ve just been with a new client who has experienced high sales in the last 12 months and now needs to register for VAT with HM Revenue and Customs (HMRC). His profit margins are tight, so he was surprised to hear that...