Which is best for VAT – Cash or Invoice based Accounting?  

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...

MTD and VAT registered businesses 

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...

Are there benefits in being VAT registered?

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...