When you actually start selling your product, remember that VAT is not the same thing as sales tax. While sales tax is charged at the point of checkout, VAT must be included in the product’s price so it can then be collected and remitted to HMRC. The impact of Brexit on VAT regulat...
preparation for Her Majesty's Revenue and Customs (HMRC) Value Added Tax (VAT) inspection in Great Britain as of November 2011. It notes that HMRC will confirm in writing the visiting officers' name and contact information, the duration of the visit, and the records needed to be on site....
How are changes to VAT affecting you? Do your corporate reports reflect Brexit risk? ICAEW members: other useful resources Back to top ICAEW members: other useful resources The business checklist above outlines the business implications of Brexit. ICAEW’s Brexit hub also contains information on the...
Paying your VAT by the deadline is important to avoid hefty penalties and surcharges. Businesses facing late payment can avoid these extra costs by taking out VAT loan. What is a VAT loan? A VAT loan is used to pay the quarterly VAT payment to HMRC. Businesses typically use a VAT loan...
How to register as a sole trader As a sole trader, you are not legally required to register your business at Companies House. However, you must register as a company director with HM Revenue & Customs (HMRC) in order to pay tax each year by completing your self-assessment tax return. ...
Don't forget about the HMRC As your business grows, you might pass the rolling threshold for VAT payments, which is currently set at a turnover of more than £85,000. Don't forget to register for VAT. You might also find that a different legal structure, such as a Partnership or In...
When Is the Deadline for the Self Assessment Tax Return? The Self Assessment tax return deadline is the 31st January. By then, the tax return must be sent to HMRC so they can determine how much tax and National Insurance you are liable to pay. Please note that HMRC do not advise on ...