VAT

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REDUCING THE VAT THRESHOLD

11th December 2017
Last month, the Office of Tax Simplification (OTS) published its long overdue report on modernising the VAT system. The report suggests that significantly reducing the VAT threshold could bring in an additional £1.5 billion revenue each year but this might this lead to an unexpected and nasty surprise for smaller businesses as John Craig explains...

CLAIMING VAT ON WORKWEAR

3rd April 2017
You want to provide your staff with uniforms in keeping with your firm’s corporate image and buy clothing that is suitable to be worn at work, but what is the position regarding claiming the VAT back, and what happens if you give the clothing to your staff? Bob Johnstone investigates. The fact that employees can...

KEEPING VAT FLAT

26th November 2014
By John Craig If you are a small business you will definitely be interested to hear that there is a way to simplify your VAT return and if you qualify, reduce your VAT liabilities too. If your VAT taxable turnover is less than £150,000, The VAT Flat Rate Scheme has been designed to simplify the...