by ClearwaysAccountants | Mar 5, 2021 | Contractor, COVID-19 Business Support, VAT
For businesses that deferred VAT payments due between 20 March and 30 June 2020 the payment is due by 31 March 2021. When HMRC set this repayment deadline no one thought that businesses would still be suffering from COVID-19 restrictions. In recognition of...
by ClearwaysAccountants | May 22, 2019 | Contractor, VAT
Making Tax Digital (MTD) for VAT has now started for those that fall within the new rules. Just because you are registered for VAT does NOT mean MTD for VAT applies to you. If you are voluntarily registered then you can continue to file your returns in the usual...
by ClearwaysAccountants | Oct 3, 2018 | Business tax, Contractor, VAT
Clearways Accountants has taken part in a survey undertaken by the ICAEW (Institute of Chartered Accountants in England and Wales) which gathered member’s views on the VAT registration threshold. Readers may not be aware but HMRC are reviewing the impact of the...
by ClearwaysAccountants | Jan 10, 2018 | Contractor, Pay, Expenses & Benefits, Tax Tips, VAT
When you incur VAT on European business expenses you cannot reclaim the VAT through your UK VAT return. So what can you do? If you meet the requirements you may be to reclaim the EU VAT through the UK VAT portal. Those conditions are: You must be VAT registered in the...
by ClearwaysAccountants | Mar 28, 2017 | Contractor, Small business advice, VAT
Many contractors are VAT registered and have signed up to use the Flat Rate Scheme (FRS). It makes filing your VAT returns easier and with limited business costs, the business can make money on the scheme by paying less to HMRC than the business collects from its...
by ClearwaysAccountants | Nov 30, 2016 | Self Employment, Setting up a Business, Small business advice, VAT
A key accounting topic for small businesses that we get asked about very frequently is VAT! Particularly as a small business when to become VAT registered and the special schemes that are available. Value Added Tax (VAT) is paid by businesses, companies and...
