News

If you own your own business and you are getting closer to the VAT threshold which requires that you sign up for it, you may well be getting nervous about that fact. VAT is a double edged sword in a sense – it is good that you are bringing enough in to warrant paying it in the first place.

The Office for National Statistics (ONS) recently announced a record jump in the Consumer Price Index (CPI) last month. The CPI rose 0.6% last month; the annual rate jumped from November’s 1.9% to 2.9%, the largest increase since they began keeping the record in 1997.

As you may be aware, the lower 15% rate of VAT that was brought in at the end of 2008 has now reverted to the original rate of 17.5%. But what does this mean for you?

Everyone needs a new car from time to time. And there are lots of reasons why you might be motivated to actually buy one, depending on whether your old car is in good condition or whether it has broken down for the last time.

Working out VAT isn’t exactly the most exciting job in the world. But if you have your own business – regardless of whether you are VAT registered or not – you may well have the need to work out VAT every now and then.