THP Blog

Keep your businesses separate – the VAT man is watching!
Posted by Jon Pryse-Jones on February 22, 2019

Once your business turnover hits £85,000, the VAT man suddenly becomes part of your life. Here we consider an example of how one taxpayer proceeded to split his activities into two businesses in an attempt to avoid VAT registration.

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What happens to VAT if there’s no Brexit deal?
Posted by Jon Pryse-Jones on September 3, 2018

What happens to VAT if there’s no Brexit deal? Learn more about what could potentially be coming our way.

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Company directors watch out – you can be personally liable for VAT penalties!
Posted by Jon Pryse-Jones on June 8, 2018

Have you heard of VAT missing trader fraud? The taxman certainly has, and he issues guidelines on how to spot it and avoid it. Here we look at what trader fraud is, and how you can be personally liable for VAT penalties If you are part of a supply chain where missing trader fraud is taking place.

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VAT penalties
Should you make your Gingerbread men with eyes or trousers? THP spills the beans…….
Posted by Jon Pryse-Jones on November 8, 2017

The Office of Tax Simplification (OTS) has published a report setting out a range of proposals for simplifying VAT. According to the OTS, this tax is now showing its age. What was meant to be a simple direct tax has since become highly complex and it has not kept pace with changes in our society.

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Office of Tax Simplification banner
VAT flat rate scheme takes a dive
Posted by Jon Pryse-Jones on March 31, 2017

What’s changed to the VAT flat rate scheme The advantages of using the VAT flat rate scheme (FRS) are; simplified VAT returns, as most purchases are ignored, and keeping a slice of the VAT collected on behalf of HMRC.

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VAT returns
How to cancel your VAT registration
Posted by Jon Pryse-Jones on March 21, 2017

Deregistering from VAT You can cancel your VAT registration when you cease trading, or if you expect your total sales (excluding VAT) to be no more than £81,000 in the next 12 months. This threshold goes up to £83,000 on 1st April 2017. If you are continuing to trade you need to pick a date

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deregistration of VAT
Changes to the “VAT Flat Rate Scheme” imminent – will you be out of pocket?
Posted by Jon Pryse-Jones on December 5, 2016

In last month’s Autumn Statement, Chancellor Philip Hammond announced changes to the VAT Flat Rate Scheme that will lead to a squeeze on finances for many small businesses. How the current Flat Rate Scheme works depends on the sector your business is in. As things stand, if you use this scheme you can’t reclaim VAT

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Value Added Tax
Claiming back your VAT pre-registration expenditure
Posted by Jon Pryse-Jones on November 11, 2016

Registering for VAT? Have you claimed back your pre-registration expenditure? Is your business thinking of registering for VAT? Or is your firm’s turnover reaching one of the mandatory VAT registration thresholds? If this is the case, then you’ll want to know what pre-registration VAT expenditure you can claim back from the taxman. In a nutshell,

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The low-down: how the Flat Rate VAT Scheme can make you money
Posted by Jon Pryse-Jones on August 24, 2016

“We all want to make a spot of easy money in these hard times, don’t we?” wrote the PG Wodehouse character Monty Bodkin in his editorial to Tiny Tots’ magazine. “Well, here’s the low-down, straight from the horse’s mouth.” Monty goes on to tell his young readership how to scoop the stakes by getting hold

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VAT Scheme
Don’t let your café or sandwich shop get in a VAT pickle
Posted by THP on August 31, 2015

How to avoid common VAT mistakes – and a large bill Have you every wondered why when you go into certain coffee shops there are two prices for cakes, biscuits and croissants?  The reason is that the eat-in price is with VAT and the takeaway is without.  These are just one of the many issues

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VAT mistakes
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