The ABCs of VAT for small business Value Added Tax (VAT) is a significant part of the UK tax system. If you run a VAT-registered business, you’re required to charge this tax on most goods and services, which you must then report and pay to HMRC. Basically, you are...
Prepare for new VAT late submission, late payment penalties and interest charges. Find out about new VAT penalties and interest charges that will apply to everyone who submits a VAT Return from 1 January 2023. For VAT periods starting on or after 1 January 2023, the...
VAT accounting schemes – Choosing the right scheme for you. Just about everyone has heard of VAT (value-added tax). We’re used to paying it on many of the goods and services we purchase as we go about our everyday lives. But when you have your own business,...
