Flat Rate Scheme – Retrospectively joining or leaving the Flat Rate Scheme

Flat Rate Scheme – Retrospectively joining or leaving the Flat Rate Scheme

If you joined the flat rate scheme (FRS) a couple of years ago but now realise that it's actually costing you money, or you want to backdate an application to join, how will HMRC respond? Flat ..
Who can benefit from the 5% rate on fuel and power?

Who can benefit from the 5% rate on fuel and power?

Residential properties benefit from the 5% reduced VAT rate on fuel and power, but so can some businesses and charities.  Who can potentially qualify and are there any conditions? Fuel and power The usual position is that ..
Checking your VAT numbers

Checking your VAT numbers

HMRC recommends that you verify your customers' or suppliers' VAT numbers, but what is the best method of doing this, and what are the consequences of not doing so? Good practice When a business obtains a new ..
Selling goods located overseas

Selling goods located overseas

The basic place of supply rule determines that if goods are located in the UK when they are allocated or supplied, UK VAT is applicable.  What happens if the goods are sourced overseas and delivered ..
HMRC error?  Claim interest.

HMRC error? Claim interest.

If HMRC makes an error and your business suffers as a result, it is possible to claim interest.  So, how do you go about making a claim? Official errors In certain circumstances HMRC can make a mistake ..
Selling a Business – Input VAT implications

Selling a Business – Input VAT implications

If you are thinking of selling your business, the options are to either sell the shares or the trade and assets, but what are the VAT consequences of these alternatives? It's time to sell Selling a business ..