VAT

If you are VAT registered and receive gratuities from your customer (eg, you may own your own restaurant, or a hairdresser's salon) there is no need to pay VAT on…

A&B are 2 small hotels with almost identical financials. In the last financial year both made sales of £130,000 (ex VAT), and both incurred vatable expenses of £8,000 (ex VAT)…

If you receive a VAT invoice for booking agent commissions from a UK based agent it will itemise the VAT you have been charged and, provided you are VAT registered,…

Since April 2019 all businesses with ‘taxable turnover’ that is above the VAT registration threshold of £85,000 have had to follow the Making Tax Digital (MTD) rules. It is important…

It’s not uncommon to see a VAT-registered contractor incorrectly charge a property owner 20% VAT when the reduced 5% VAT rate should be charged. If you are the contractor it…

In most cases, contractors will need to add 20% VAT to the supply of their construction services, and that will add 20% to the costs of any customer who can’t…

VAT registration is compulsory if your turnover exceeds £85,000p.a. Some businesses register for VAT voluntarily, and well before they breach the compulsory registration threshold, but only because it can be…