VAT Breaks
Five powerful VAT Breaks every month. See how much they could save you

October 2017

  • Taking advantage of annual accounting
    If your business’s turnover is below £1.35 million per year, you might consider applying for the annual accounting scheme. What advantages does the scheme offer, what’s involved, and how do you go about applying?
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  • How can a charity recover VAT on costs?
    In order to recover VAT on their expenses, some businesses choose to register for VAT even when their turnover is below the compulsory registration threshold. Charities that do not make taxable supplies can’t register, but is there a workaround?
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  • Save tax when you deregister your business
    When you deregister from VAT reporting - either compulsorily or voluntarily - a VAT charge can arise on the value of assets like stock and capital items. How is this applied, and what can you do to minimise or even avoid it?
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  • Going alternative for a fair result
    If your business makes both taxable and exempt supplies, you are “partially exempt”. You have to restrict your VAT recovery of general costs with reference to the ratio of taxable and exempt supplies. Can you use a different method to increase your recovery?
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  • How to avoid incurring penalties
    You’ve been informed that HMRC will shortly be making an inspection of your VAT paperwork. As this can be a stressful experience, how should you prepare and what can you do help to minimise any potential penalties?
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All the VAT Breaks sorted by year of publication