It depends. Cash accounting schemes – advantages for small/simple businesses: You only account for VAT on sales in the VAT quarter in which you are paid (rather than the VAT quarter you are invoiced) – because you pay your VAT to HMRC a bit later; If you have...
Making Tax Digital (MTD) is the biggest change in our tax system since Self-Assessment was introduced. From April 2020, all businesses and landlords with annual turnover over £10,000 will have to make online quarterly submissions of key financial information to...
Yes – but you have to be careful. You would have to put the video production business through a separate legal entity – e.g. a separate Limited Company. As a Sole Trader you cannot just decide to charge VAT on one income stream but not on another – as HMRC would...
There are generally two reasons to register for VAT: Compulsory: When your sales exceed £85,000 in a 12 month period. Voluntary: If registering your business for VAT will be a benefit to you (the benefit is that you can reclaim VAT paid on supplies and...
