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Posts tagged “VAT”

VAT is a tax that all of us pay regularly, as it is added to most day-to-day goods, but it is only when you are in business do you need to know more about this Value Added Tax. Here we cover the basics for you. 
The Chancellor detailed his Spring Statement today, 13 March 2018. The aim of the statement is no longer to announce tax and spending changes (that now occurs just once per year in the Autumn Budget) but simply to give an update of the overall health of the economy, an update on progress made since the Autumn Budget and an invitation to people to give views on any changes the government are considering. 
 
So, while no one was expecting any tax changes, the one pressing concern on all contractor’s minds (and mine!) was if there would be further word on the IR35 Private Sector Consultation mentioned in the Autumn Budget
With the self-assessment deadline (31 January, if you have forgotten) fast approaching, one of the most common questions we hear is "What do I do if I can't pay my tax bill?" If you are struggling with paying that dreaded tax bill, whether it be your self-assessment (personal tax), corporation tax or VAT, we have some advice for you... 
During the Autumn Statement 2016 on 23 November 2016, an announcement was made by the Chancellor to change how the VAT Flat Rate Scheme is used by a many small businesses. There had been no hints or whispers of such changes, so this came as a shock to us accountants and tax advisers I can tell you! 
The VAT Flat Rate Scheme (FRS) allows small businesses with a turnover up to £150,000 to calculate the amount of VAT they pay back to HMRC as a fixed percentage between 5% and 14.5%, instead of the standard 20%. The amount payable is calculated based on the type of business you have. 
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