VAT

The VAT issues you need to consider when running your business.

Concise information on the VAT issues you need to consider when running your business. Click on the links below to access the relevant information.

VAT - a summary

VAT registered businesses act as unpaid tax collectors and are required to account both promptly and accurately for all the tax revenue collected by them. This factsheet highlights some of the areas that you need to consider when running your business.

VAT - annual accounting scheme

The annual accounting scheme helps small businesses by allowing them to submit only one VAT return annually rather than the normal four.

VAT - bad debt relief

This factsheet explains the situations where the VAT bad debt relief applies.

VAT - cash accounting

Cash accounting enables a business to account for and pay VAT on the basis of cash received and paid rather than on the basis of invoices issued and received. The factsheet explains the workings of cash accounting.

VAT - flat rate scheme

The VAT flat rate scheme for small businesses potentially reduces the administrative burden imposed when operating VAT. Under the scheme, a set percentage is applied to the turnover of the business as a one-off calculation instead of having to identify and record the VAT on each sale and purchase you make. This factsheet explains how the VAT Flat Rate Scheme works.

VAT - Making Tax Digital

An overview of the Making Tax Digital for VAT regulations.

VAT - seven key points for the smaller business

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.

Latest news

05 Feb 2025

Parliamentary watchdog accuses HMRC of deliberately 'degrading' phone services

Parliament's spending watchdog has accused HMRC of deliberately running down its phone services to force people to go online, according to a report.

05 Feb 2025

Government commissions review of the Loan Charge

The government has commissioned an independent review of the Loan Charge.

05 Feb 2025

CIOT calls on government to rewrite unfair VAT rules

The Chartered Institute of Taxation (CIOT) is calling on the government to address unfair tax rules as interest rates on late payments rise.

Accessibility links

VAT

Latest news

Parliamentary watchdog accuses HMRC of deliberately 'degrading' phone services

Government commissions review of the Loan Charge

CIOT calls on government to rewrite unfair VAT rules