HM Accounting’s Post

📢 Important VAT Update for 2024/2025 📢 Starting April 2024, the VAT registration threshold has been raised to £90,000 of taxable turnover in a 12-month period. This is an increase from the previous threshold of £85,000. 📊 🔹 What This Means for You: If your business's taxable turnover exceeds or is expected to exceed £90,000, you are required to register for VAT with HMRC. This adjustment aims to support small businesses and adapt to economic changes. 🔹 Why It's Important: Staying compliant with VAT regulations ensures that your business operates smoothly without any legal hiccups. Plus, being VAT registered can often enhance your business’s credibility with other businesses. 🔗 Make sure to review your business's turnover and register for VAT if needed.   Stay informed and make sure your business is ready for this change!   ___________________________________  📞 07734430602 📧 info@smithandfoxaccountants.co.uk 🌐 https://lnkd.in/e7BhGdgj #UKBusiness #VATUpdate #BusinessGrowth #TaxCompliance #accountant #kettering

Flat rate VAT (Value Added Tax) is a simplified VAT scheme designed to reduce the administrative burden for small businesses. Instead of calculating VAT on every individual sale and purchase, businesses using the flat rate scheme pay a fixed percentage of their turnover to the tax authorities. ✔ Businesses pay a single fixed rate of VAT on their total sales, which varies depending on the industry sector they operate in. ✔ The scheme simplifies the accounting process, as businesses don't need to keep detailed records of VAT on individual sales and purchases. ✔ This scheme is available to businesses with a low annual turnover, usually below a certain threshold set by the tax authorities. ✔ Some businesses might not be eligible for the flat rate scheme, depending on their circumstances or the nature of their business activities. This scheme aims to make VAT compliance easier for small businesses by reducing the complexity involved in VAT reporting and payment. Sameep- The Bookkeeper we provide complete support for VAT. We are insured practice and also regulated and licensed by ICB UK (Institute of Certified Bookkeepers). Please give us a free discovery call on 07894533974 or DM me to find out how we can help you. #bookkeeping #bookkeepingservices #vatreturn #bemorebookkeeper #smallbusinesses #notjustabookkeeperanicbbookkeeper #icb #icbthebest

🔍 Understanding VAT Returns for Irish Businesses 💼 Navigating VAT regulations is crucial for businesses in Ireland. Staying compliant not only prevents penalties but also ensures your company's financial health. From VAT thresholds to filing returns, it's vital to understand how VAT impacts your business operations. In our latest blog, we break down the essentials, including VAT registration, different rates, and the importance of proper bookkeeping. Whether you're new to VAT or looking for a refresher, this guide covers it all. 👉 Read the full blog here and make sure your business stays on the right side of VAT compliance! https://lnkd.in/emp9yeie #VAT #IrishBusiness #TaxCompliance #FinancialStability #BusinessGrowth #AmerginGroup

#Poland: VAT e-invoicing amendments consultation open: Ministry of Finance seeks feedback on Bill UD158 to update the national VAT e-invoicing system KSeF. Read More: https://lnkd.in/eY97m_vw Follow us for the latest VAT updates. #vatcompliance #vat #GlobalVATCompliance #Poland

🔥UK VAT Registration Overview (2024)🔥 1. VAT Registration Threshold🎯 For the tax year 2024/25, the VAT registration threshold is **£90,000** in taxable turnover. Businesses must register if their VAT-taxable sales exceed this amount within a 12-month period or are expected to exceed it within the next 30 days. 2. **VAT Rates: 🎲 ♠️Standard Rate**: 20% (applies to most goods and services). ♠️Flat Rate Scheme**: Simplified accounting method for small businesses with a turnover of up to £150,000. The percentage varies by industry, and VAT is calculated as a percentage of total turnover (inclusive of VAT). Businesses on the Flat Rate Scheme cannot reclaim VAT on most purchases, except certain capital assets over £2,000. 3. **When to Register for Standard Rate 🌐 A business must register for the standard VAT rate if its taxable turnover exceeds the threshold £230,00, or voluntarily if it anticipates benefits, such as reclaiming VAT on purchases. 🔥Flat Rate Scheme Summary - **Eligibility**: Businesses with a turnover up to £150,000. 🔥Key Features**: - Pay VAT at a fixed percentage of turnover. - Simplified VAT record-keeping. - Cannot reclaim VAT on purchases (except certain capital assets). - Designed to reduce administrative burdens for small businesses. Disclaimer: For any changes or update please visit: https://lnkd.in/eBkpxyy9 #uk #hmrc #vat #accountant #mtd #acca #vatreturn #hmrc #accountants #vatregistration #legalmint #legalmintaccounting

From 1 April 2024, the VAT registration threshold will increase from £85,000 to £90,000. This adjustment signifies the first change to the threshold since it was frozen as of 1 April 2017. Learn more on how this change can be a big boost for small businesses and how you can navigate these changes effectively > https://bit.ly/3vd7Qip #Brighton #VATRegistration #SpringBudget2024

VAT (Value Added Tax) is something that no one can get away from. If you have bought anything at a shop or any place like that, you have paid VAT. This is not only true in South Africa. There are various forms of VAT and this article explains them. https://buff.ly/3QyPz6I #accounting #brucelaister #xeroadvisor #accountant #vat #bcaccounting

🚨 𝗨𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴 𝗨𝗞 𝗩𝗔𝗧: 𝗪𝗵𝗮𝘁 𝗬𝗼𝘂 𝗡𝗲𝗲𝗱 𝘁𝗼 𝗞𝗻𝗼𝘄! 🚨 VAT (𝘝𝘢𝘭𝘶𝘦 𝘈𝘥𝘥𝘦𝘥 𝘛𝘢𝘹) is a tax applied to most goods and services sold by VAT-registered businesses in the UK. If your taxable turnover exceeds £𝟵𝟬,𝟬𝟬𝟬, registration for VAT is mandatory. Even if your turnover is below this threshold, you can still choose to register voluntarily. 🌐 As a VAT-registered business, you have several key responsibilities, including: • Charging VAT at the correct rate on all goods and services 💼 • Keeping records of the VAT you pay on business purchases 🧾 • Accounting for VAT on any goods you import into the UK 🌍 • Submitting VAT returns to HMRC (usually every 3 months) 📑 • Paying any VAT owed to HMRC based on the difference between VAT you’ve charged and VAT you’ve paid. 💡 If you’ve paid more VAT than you’ve charged, HMRC will usually 𝘳𝘦𝘱𝘢𝘺 𝘺𝘰𝘶 𝘵𝘩𝘦 𝘥𝘪𝘧𝘧𝘦𝘳𝘦𝘯𝘤𝘦. Alternatively, if you’ve charged more VAT, you must pay the difference to HMRC. For businesses looking to simplify the process, you can appoint a professional agent to handle VAT matters or join VAT schemes to manage calculations and reporting more efficiently. Don’t let VAT compliance slow you down—consult a VAT expert to help ensure you’re meeting all your obligations while optimizing for your business! 📈 #VAT #TaxCompliance #BusinessGrowth #Accounting #HMRC #UKBusiness #VATRegistration #TaxExperts

Deciphering VAT: Zero-Rated vs Exempt Supplies 🔄 Understanding the nuances is crucial for businesses. Ready to navigate the complexities of VAT? Connect with us for expert guidance. 📞 +971 52 487 5002 📧 www.flyingcolourtax.com 🌐bdo3@flyingcolour.com . . . #flyingcolour #flyingcolourtax #accounting #financialadvisor #vat #vatcompliance #vatdubai #vatuae #zeroratedgoods