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How should a Cafe implement the 5% VAT Rate? FAQ

A new 5% VAT rate has been introduced on Cafe and Restaurant food. Here is our handy FAQ to tell cafe and restaurant owners what they need to know to implement this change,

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What proof do you really need to reclaim VAT?

What proof do you need to reclaim VAT? When it comes to reclaiming VAT on purchases HMRC’s guidance says you must have the appropriate documentary evidence. This is what you will need if you want to successfully reclaim VAT on purchases In December 2016 the Court of Appeal criticised HMRC for not allowing a claim […]

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The new Flat Rate VAT Scheme 2017– HMRC announce more guidance for ‘Limited Cost Traders’

HMRC have helpfully updated their guidance on the new Flat Rate VAT regime a month before the changes take effect. Find listed the most important changes and information on the ”Limited Cost Trader rules” for small businesses. HMRC have helpfully updated their guidance on the new Flat Rate VAT regime – a month before the […]

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The New Flat Rate VAT Scheme 2017: Will the new 16.5% rate affect you?

Significant changes for businesses that use the VAT Flat Rate Scheme will take effect from 1st April 2017. This is intended to remove the opportunity for contractors in particular to make healthy surpluses from the scheme. Watch our most popular video: Understanding VAT in 10 simple steps. Significant changes for businesses that use the VAT […]

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EC Sales Lists (Vat 101)

If your business is VAT registered and you sell goods or services into other European countries you must generally also submit an additional form to the Government called an EC Sales List (ESL also known as form VAT101) If your business is VAT registered and you sell goods or services into other European countries you […]

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Make your Christmas party a tax allowable expense

As an employer, if you provide your staff with an annual party then there is no charge to tax on the employee, the expenses is allowable in your annual accounts and you can reclaim any VAT paid provided that the event was open to all employees and cost less than £150 per head. The yuletide […]

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Using VAT Groups

Do you control several companies, or own one company, which in turn controls several other companies? You could save time, hassle, and VAT in some limited circumstances, by asking the Tax Office to treat all your companies as one VAT group. Do you control several companies, or own one company, which in turn controls several […]

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Tax Tip 11 : How to reclaim VAT when you don’t have an itemised VAT receipt

If you’re VAT registered, you can normally only reclaim VAT on purchases made for your business when you have a valid VAT invoice for the purchase. If you’re VAT registered, you can normally only reclaim VAT on purchases made for your business when you have a valid VAT invoice for the purchase. Many business owners […]