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VAT partial exemption

by | May 17, 2017 | ACCA, VAT

A review of the potential pitfalls. When a business that is registered for VAT makes exempt supplies it will normally fall within the scope of partial exemption. This creates two problems: output VAT cannot be charged on exempt supplies – sounds obvious but the...

VAT thresholds – and other changes

by | Mar 28, 2017 | ACCA, budget, VAT

Increases could delay VAT registration for 4,000 small business. From 1 April 2017 the VAT registration threshold will increase from £83,000 to £85,000 and the deregistration threshold from £81,000 to £83,000, in line with inflation. Also, the registration and...

Major changes to Flat Rate (FRS) VAT

by | Jan 16, 2017 | VAT

As announced by the Chancellor in his Autumn statement, there are set to be major changes to the way Flat Rate VAT is to be operated, with effect from 1 April 2017. Small businesses using FRS VAT who routinely purchase goods or materials in the course of business will...