Where do you start with VAT!

VAT is probably the most complex tax that businesses have to deal with. The constant changes to legislation as well as the ever moving threshold make this area daunting to most businesses.

There are standard rated items, 5% rated items, 0% rated items and then VAT exempt items to deal with. There are also several VAT schemes to choose from such as Standard, Accrual, Cash Accounting, Annual, Flat Rate etc.

The deadlines are also very tight as under the standard VAT scheme, a business has only around five weeks to collate the information together and submit it over to HMRC. For instance, if your VAT period ended on 31 March, the deadline for submission and payment would be 7 May.

Although there is a legal threshold where it becomes compulsory to register for VAT, sometimes it may work out cost effective to voluntary register for VAT. If a business is under the threshold then it may be able to reclaim any VAT that has been incurred.

There are just too many complex areas regarding VAT for us to detail here but don’t despair, here at MJF Accountancy in Liverpool we can register you for VAT, explain in detail how to account for it, give you software to capture the data, calculate the VAT correctly and finally submit it over to HMRC on your behalf.

So what are you waiting for?

Call us today on 0151 724 3960 to arrange your free consultation.

Alternatively, you can email us at or you can use our website contact form.

Changing priorities at HMRC

HMRC has shared a statement about how they are prioritising change in the department and as a result some parts of MTD will be delayed.

08 May 2018

GDPR compliance deadline looms

The Federation of Small Businesses (FSB) is warning small and medium-sized enterprises that time is running out for them to prepare.

08 May 2018

Tax reliefs following the Scottish Budget

The Government has stated that it will ensure that tax reliefs continue to work as they were intended as the new Scottish Income Tax rates and bands are introduced.

08 May 2018

EMI options may not qualify for tax relief

The Enterprise Management Incentive (EMI) allows selected employees (often key to the employer) to be given the opportunity to acquire a significant number of shares in their employer through the issue of options.

08 May 2018

P11D deadline approaching

The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2018, are due for submission to HMRC.

08 May 2018

VAT fuel scale charges

HMRC have issued details of the updated VAT fuel scale charges which apply from the beginning of the next prescribed VAT accounting period starting on or after 1 May 2018.

08 May 2018

HMRC consultation on benefits exemption for workplace charging facilities

HMRC are consulting on the tax exemption which will apply from 6 April 2018 on workplace electric charging facilities used by employees.

08 May 2018


New data protection rules from General Data Protection Regulation (GDPR) will replace the Data Protection Act in the UK from 25 May 2018.

04 Apr 2018