What records you need to keep?
In the flat rate scheme, you must keep a record of your flat rate calculation showing: your flat rate turnover the flat rate percentage you have used the tax calculated as due You must still keep a VAT account. There…
In the flat rate scheme, you must keep a record of your flat rate calculation showing: your flat rate turnover the flat rate percentage you have used the tax calculated as due You must still keep a VAT account. There…
The VAT due is calculated by applying a predetermined flat rate percentage to the business turnover of the VAT period. The turnover will include any exempt supplies, so it will not be beneficial to join the scheme where there are…
The scheme cannot be used if, within the previous 12 months, you have: ceased to operate the flat rate scheme been convicted of an offence connected with VAT been assessed with a penalty for conduct involving dishonesty The flat rate…
The scheme is open to all businesses that have VAT turnover of £150,000 or less (excluding VAT). A business must leave the scheme when income in the last twelve months exceeds £230,000. Unless this is due to a one off transaction and…
Here we explain how the VAT Flat Rate Scheme operates. The VAT flat rate scheme is designed to reduce the administrative burden of operating VAT for small businesses. If you are starting or have started a business in Lewisham, Bromley,…
If you are starting or have started a business in Lewisham, Bromley, Kent and London areas we, at Adiva Accountants in Lewisham, can advise on whether the VAT cash accounting scheme would be suitable for your business. Please do not…
Output tax must be accounted for when payment is received. Cheque They are treated as received on the date the cheque is received or if later the date on the cheque. If the cheque is not honoured an adjustment can…
A business can join the scheme if it expects that taxable turnover in the next 12 months will not exceed £1,350,000. Additionally, it has to fulfil the following: is up to date with VAT returns has paid over all VAT…
Here we cover the workings of cash accounting for VAT. If you are starting or have started a business in Lewisham, Bromley, Kent and London areas we, at Adiva Accountants in Lewisham, can advise you on the annual accounting scheme…
If you are starting, or have started a business in Lewisham, Bromley, Kent and London areas we, at Adiva Accountants in Lewisham can help you to plan your VAT administration and consider whether the annual accounting scheme would be beneficial…