The Different Types of Flat Rates of VAT

If you want to learn more about VAT and you are considering whether you might register for the flat rate scheme, you can find out more information here. You might be surprised at the savings that can be made.



VAT Refunds

When operating a business or offering services and paying VAT, according to the rules and regulations, you might be in line to receive a VAT refund. There are several descriptions to comply with in order to file for a refund. Recently there has been a rash of fraudsters trying to bilk the Revenue Service of billions of pounds, so over 100 new HMRC workers have been hired to scrutinise the refund system. Make sure all of your records are up-to-date and accurate. Refunds can be strictly controlled and take several months to reach the rightful hands. There are many means of collecting a VAT refund, and the following shows some examples.



VAT: Inspections and Investigations

If, for any reason, the HRMC finds fault with your records or returns, they may ask you to a meeting. This meeting serves to ask questions about your business records, your revenue and your business dealings. They will ask you to answer questions of any sort in order to find out further information to support or deny your claims. You do not need to bring all of your records to this meeting, but simply and clearly answer their questions. They are not out to prosecute you but to manage and support your claims.



VAT: Changing Your Registration Details or Deregistering

If there are any changes whatsoever to your business or ownership, you must report them to the HMRC in writing within 30 calendar days. They need time to register your changes and perhaps deregister you or make changes in your records. If you do not make these changes available to them in the allotted time, they will penalise you with a surcharge.



VAT: What your Business Needs To Know

When deciding if your business needs to charge or claim VAT (Value Added Tax) it is important for the owner to decide what type of service or goods he/she is offering. The very nature of the business and goods offered will determine what, if any, VAT is required and how to go about registering for VAT. The amount of VAT has changed in the past year so many business owners will need to be aware of this information.

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