Understanding VAT can be complicated especially if you’re a business owner. This blog includes an explanation of what VAT is, the rate of VAT and points to ensure your VAT return suffices HMRC standards. If you’re a business owner, this guide is perfect for you.
Tag Archives: VAT
In this article, we take a closer look at the P11D form, what you need to include when you need to file it, and – most important of all – what will happen if you don’t fulfil your P11D duties.
Are you thinking of building your own house? Well you can now reclaim the VAT.
You can apply to HMRC for a VAT refund on building materials and services if you are building a new home, or converting a property into a home. In order to qualify, the home must be separate and self-contained, be for you or your family to live or holiday in, and not be for business purposes (although you can use one room as a work from home office). Builders working on new buildings should zero rate their work anyway and you won’t pay any VAT on their services.
Do you know what state your business is in? We mean, is everything running as it should? Is your business in the sort of health you want it to be? Could it run the proverbial marathon or would it give up after 5 miles?
HMRC have recently updated the list of trade and professional organisations for directors and employees who receive a tax reduction for annual subscriptions. NI can also be avoided if the bills are directly paid by the employer