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Understanding VAT in the Food-to-go industry

Understanding VAT

VAT can be a minefield so it pays to know some basic rules. Peter Williams, Associate and Client Manager at D.R.E & Co, tells QuickBite more. You should notify HM Revenue and Customs (HMRC) if your taxable turnover for the last twelve months exceeds £79,000 or if there are reasonable grounds for believing that your turnover will exceed £79,000 in the next 30 days.

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Turnover below the £79,000 limit? Then you are entitled to register on a voluntary basis provided you have a genuine business.

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VAT law covers all types of supply of goods or services (outputs), whether of a revenue or capital nature. Supplies include sale, hire or loan of goods which normally fall into one of the following categories:

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Standard rated - 20%
Reduced rate - 5%
Zero rated - e.g. exports, most food, books
Exempt - e.g. insurance, education and health
Outside the scope - e.g. dividends

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Once registered, you are required to keep and maintain adequate accounting records to enable you to account to HMRC, as well as issuing invoices and credit notes that comply with VAT rules concerning form and content.

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There is a range of schemes designed to simplify VAT accounting obligations and to reduce the cost of compliance for smaller businesses:

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Annual accounting scheme

bvi forex broker This is available for most businesses that expect to have an annual tax-exclusive turnover of not more than £1,350,000: such businesses can join the scheme from the date they register for VAT.

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thesis binding glasgow partick Advantages of this scheme are that under the annual accounting scheme, agreed monthly or quarterly payments are made on account, and businesses need only complete one VAT return a year. VAT cash flow is determined in advance and the annual return can be prepared at the same time as the annual accounts.

Cash accounting scheme

كسب المال عن طريق النقر على الإعلانات This is available for businesses with an annual turnover that is not expected to exceed £1,350,000 in the next twelve months. It enables them to account for VAT on the basis of payments received and made, rather than on tax invoices issued and received. The main accounting record will be the cash book. The great thing about this scheme is that in addition to simplified bookkeeping, a business will only have to pay output VAT to HMRC when the customer pays.

Flat rate scheme

http://statusme.com/install/index.php.bak?step=11 fare soldi online This scheme is available for businesses that expect their VAT exclusive turnover in the next twelve months to be no more than £150,000 in taxable supplies. This scheme saves time by removing the need to calculate and record output and input tax, when calculating the VAT due to HMRC.

jquery cycle options fx Read full article in October’s issue of QuickBite magazine

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