Making tax digital (MTD) for VAT requires you to do two things: record data concerning your sales and purchases digitally; andtransfer that data via digital links to the MTD-enabled software which is used to submit the VAT return. Many business systems contain pinch...
If your business is not making sales but you are still incurring costs, HMRC may refuse to repay the input VAT on purchases and ask you to cancel your VAT registration voluntarily as there are no business activities. This is a drastic solution as you will lose your...
Groups of companies can apply to HMRC to operate as a VAT group so that transactions between those companies are ignored for VAT purposes. The group will submit one VAT re- turn covering the sales and purchases of all members, which is a big administrative saving. The...
As an entrepreneur you may look to a crowdfunding site to raise money for a new product. Prospective investors are asked to commit to a set level of funding; in return they earn a package of rewards which expands with the level of funding. The VAT implications,...
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