Many small businesses choose to use the VAT Flat Rate scheme to keep things simple. Rather than adding up the VAT you pay on all your purchases and deducting it from the VAT you collect on sales to work out how much you owe, you simply take a flat percentage of your VAT inclusive turnover …
Following the chancellor’s Spring Budget announcements yesterday we have included a summary of the key changes which may affect you on pages 3-4 of our Spring Newsletter. You can download a digital copy of the Spring Newsletter here. The newsletter also includes articles on topical tax changes including: Making Tax Digital National Minimum wage increases …
The business community will welcome today’s Budget announcements with the continuing theme of growth, consistency and stability.
Here’s our Budget 2015 summary for business outlining the key announcements:
The rules regarding VAT on discounts (Early Settlement Discount) is changing from 1 April 2015.
HM Revenue & Customs (HMRC) have estimated this could affect up to 250,000 businesses that currently offer early settlement discounts to their customers. These businesses will need to review their systems and look to revise their paperwork accordingly.
The Chartered Institute of Taxation
The Association of Taxation Technicians
