Knowledgebase and FAQ

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VAT
You must register for VAT with HMRC if your business’ turnover is more than £85,000 or if you expect your turnover to go over this amount in a single 30 day period. Once you become a VAT registered company, you must complete a VAT return, usually every 3 months to HMRC, which includes the VAT […] (Read more)
VAT
Value Added Tax is a type of general consumption tax, which is charged on the purchase of a good or service provided by UK companies. VAT is collected on behalf of HMRC by companies and is typically paid to HMRC on a quarterly basis. Watch our video to learn more about VAT and how it […] (Read more)
VAT
What happens if I submit my VAT return late? Watch our video for some useful guidance. HMRC will record a default on your account if you miss your submission deadline or you fail to make a payment on time and you will enter a ‘surcharge period’ of 12 months. If you default for a second […] (Read more)
VAT
Can I claim VAT on buying or leasing a car? Watch our video to learn more. If you buy a new car within the company you can’t reclaim VAT. The exception is only if it is used 100% for business purposes. The car must not be available for private use and this must be stated […] (Read more)
VAT
You can submit your VAT return online through your government gateway account, by entering the figures into the correct boxes provided, or by using an accounting software. HMRC provide a list of accounting software that allow you to submit your VAT return directly without having to enter all the figures separately in the correct boxes […] (Read more)
VAT
The usual reason to register for VAT is when your VAT taxable turnover is more than £85,000 in any rolling 12-month period. Now, what does that mean, VAT tax will turnover? Well, it’s the sales of everything you sell that isn’t exempt from VAT. Watch our video for more information on VAT. What is exempt […] (Read more)
VAT
VAT is an indirect tax on spending and is charged on certain categories of goods and services sold in the UK. Watch our video to learn more. Certain types of good and services are exempt from VAT – the most common ones are Insurance and finance Education and training and Charity fundraising.   How much […] (Read more)
VAT
Are you confident that your products have the correct VAT threshold status? Find out more about the complex nature of VAT rated products by watching our video. What is VAT? VAT is a form of sales tax, which is charged on goods and services. Sales taxes or goods and services taxes are paid by end […] (Read more)
VAT
You might not think that VAT is an ‘exciting’ topic, but there are some really interesting and quirky VAT rules that are sure to surprise you! Watch our video to find out more. Did you know that gingerbread men are classed differently according to the decorations that are on them? If it has just two […] (Read more)
VAT
Would you like to turn £120 into £46,440? One way of doing it, would be placing a bet on a horse at 386-1 but, for most of us, it’s a bit of a stretch. But HMRC managed it recently in a VAT investigation that was approved following a tribunal. To find out more, watch our […] (Read more)
VAT
If you are VAT registered, you can usually reclaim the VAT paid on goods and services purchased for use in your business. Watch our video to learn more. To reclaim the VAT, you should get a purchase invoice that clearly states the amount of VAT included. It will also state the supplier’s VAT registration number. […] (Read more)
VAT
Want to know whether you need to charge VAT on postage you are sending out to customers? Watch our video to learn more. Most of the videos we record are based on real questions we’ve been asked by clients or contacts. If we get it asked twice, it gets moved to the top of the […] (Read more)
Tax VAT
VAT at first can be scary and feel complicated. However, when you know the steps to do it, it can be quite straight forward. Watch our video to learn the benefits of early VAT registration. Do I have to register for VAT? You must register for VAT if you meet any of this criteria: Your […] (Read more)