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VAT Archives | RS Accountants

How to avoid VAT on overseas invoicing…

If you buy anything from overseas you may get charged VAT (with a percentage that can vary dependent on the country of the supplier). If you are not VAT registered you will have to pay the VAT. To avoid this, first of all, speak to the supplier and see if they can...

How do you account for VAT on charging expenses?

This is an interesting area which many clients get wrong. Let’s suppose you are a service business and you do some work for a client which you will charge £1,000 for. To do the work, you have to go to the client’s premises and therefore incur travel expenses. You...

A quick summary on VAT returns….

VAT returns are usually quarterly (although you can opt to do them annually). The quarter ends depends on when you first become VAT registered. Your first VAT return can be slightly random e.g. it could be one month or five months! After the first VAT return it will...

Reclaiming VAT on fines and penalties

You’ve probably had in the course of your business, a parking fine. Your accountant has probably told you that they are not tax deductible. Which they are correct – they are not. The good news though is that the VAT position is different, potentially, you...

Should I become VAT registered?

The rules for VAT registration are the same for self-employed people as well as limited companies. The basic rule is if your sales is going to be more than £82,000 in the next 12 months you should register for VAT.  You shouldn’t wait until you pass the £82,000 if...

VAT MOSS – what is it and why you should be scared?

As an accountant I’m used to tax changes every year, some more radical than others. However, not even in my wildest nightmares could I have dreamt up as something as horrid and terrifying as VAT MOSS. VAT is probably one of the most complex of taxes, but it just...

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