VAT

VAT – Seven Key Points for the Smaller Business

Posted by Kath Docherty on January 28, 2017  /   Posted in Book keeping, Business start ups, VAT

This factsheet focuses on VAT matters of relevance to the smaller business. A primary aim is to highlight common risk areas as a better understanding can contribute to a reduction of errors and help to minimise penalties. Another key ingredient in achieving that aim is good record keeping, otherwise there is an increased risk that the VAT return could be prepared on the basis of incomplete or incorrect information. Read More

VAT – Bad Debt Relief

Posted by Kath Docherty on January 28, 2017  /   Posted in Book keeping, Business start ups, Getting started in business, VAT

It is quite possible within the VAT system for a business to be in the position of having to pay over VAT to HMRC while not having received payment from their customer.

Bad debt relief allows businesses, that have made supplies on which they have accounted for and paid VAT but for which they have not received payment, to claim a refund of the VAT by reference to the outstanding amount. Read More

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