VAT

The VAT issues you need to consider when running your business.

VAT - a summary

VAT registered businesses act as unpaid tax collectors and are required to account both promptly and accurately for all the tax revenue collected by them. This factsheet highlights some of the areas that you need to consider when running your business.

VAT - annual accounting scheme

The annual accounting scheme helps small businesses by allowing them to submit only one VAT return annually rather than the normal four.

VAT - bad debt relief

This factsheet explains the situations where the VAT bad debt relief applies.

VAT - cash accounting

Cash accounting enables a business to account for and pay VAT on the basis of cash received and paid rather than on the basis of invoices issued and received. The factsheet explains the workings of cash accounting.

VAT - flat rate scheme

The VAT flat rate scheme for small businesses potentially reduces the administrative burden imposed when operating VAT. Under the scheme, a set percentage is applied to the turnover of the business as a one-off calculation instead of having to identify and record the VAT on each sale and purchase you make. This factsheet explains how the VAT Flat Rate Scheme works.

VAT - Making Tax Digital

An overview of the Making Tax Digital for VAT regulations.

VAT - seven key points for the smaller business

This factsheet focuses on VAT matters of relevance to the smaller business. A primary aim is to highlight common risk areas as a better understanding can contribute to a reduction of errors and help to minimise penalties.

The latest news

06 Feb 2023

Energy bill support for firms to be reduced from April

Businesses will receive reduced support for their energy bills from April.

06 Feb 2023

Bank of England raises interest rates to highest level in 14 years

The Bank of England (BoE) has raised the base rate of interest.

06 Feb 2023

Government launches consultation on R&D relief

The government has launched a consultation on simplifying the UK's research and development (R&D) tax relief system, driving innovation and growing the economy.

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VAT

The latest news

Energy bill support for firms to be reduced from April

Bank of England raises interest rates to highest level in 14 years

Government launches consultation on R&D relief