Search Results for "VAT Flat Rate"

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Using the VAT Flat Rate Scheme

Using the VAT Flat Rate Scheme

The VAT Flat Rate scheme simplifies VAT for businesses with up to £150,000 annual turnover. It allows a fixed percentage payment, excluding VAT. Special rules apply for limited cost traders and first-year VAT registrations.

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VAT Flat Rate scheme

VAT Flat Rate scheme

Using the VAT Flat Rate scheme, businesses pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on the type of business. The scheme has been designed to simplify the way a business accounts for VAT.

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VAT Flat Rate Scheme exclusions

VAT Flat Rate Scheme exclusions

The VAT Flat Rate scheme has been designed to simplify the way a business accounts for VAT and in so doing reduce the administration costs of complying with VAT legislation. Using the Flat Rate scheme, businesses pay VAT as a fixed percentage of

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Flat Rate Scheme annual review

Flat Rate Scheme annual review

The VAT Flat Rate scheme allows businesses with an annual taxable turnover below £150,000 to pay a fixed percentage of VAT inclusive turnover. Introduced in April 2017, a 16.5% fixed rate applies to limited cost traders. Annual reviews ensure continued eligibility, with a £230,000 income cap. First-year VAT registrants receive a 1% discount.

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Current Capital Gains Tax rates

Current Capital Gains Tax rates

Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% and this applies to most chargeable gains made by individuals. If taxpayers only pay basic rate tax and make a small capital gain, they may only be subject to a reduced rate of

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What counts as holiday accommodation?

What counts as holiday accommodation?

HMRC’s VAT Notice 709/3 outlines VAT treatment for hotels, motels, and holiday accommodations like caravans. Properties advertised for holiday use are always treated as such. Suppliers may need to charge standard VAT, with exceptions for sales and off-season lettings exceeding 28 days.

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Tax when you sell property

Tax when you sell property

The UK’s annual Capital Gains Tax (CGT) exemption will reduce from £6,000 to £3,000 in April 2024. CGT rates vary, with higher rates for property sales, excluding principal residences. A 60-day deadline applies for CGT payments on residential property sales.

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Credit Improvement

Credit Improvement is a service you can use to increase your business credit score. Businesses with better credit scores access more funding more easily. They’re more likely to win new customers and they’re in a position to negotiate better credit terms with suppliers.

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Spring Budget Summary 2023

Spring Budget Summary 2023

The Chancellor of the Exchequer, Jeremy Hunt, delivered his first Spring Budget to parliament on Wednesday 15th March. Here’s a summary of the key takeaways, including new variations in the UK tax rates, allowances, reliefs and other matters of interest in the update.

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The Growth Plan 2022

The Growth Plan 2022

The new Chancellor of the Exchequer, Kwasi Kwarteng, delivered a fiscal statement referred to as The Growth Plan 2022 on 23 September 2022. The statement to a packed House of Commons centred on the government’s plans

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