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 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.

Spring Statement 2018

The Chancellor Philip Hammond presented his first Spring Statement on Tuesday 13 March 2018.

13 Mar 2018

Tribunal rules BBC journalist is caught by 'IR35' legislation

A First Tier Tribunal has ruled that a presenter paid via a personal service company was caught by the IR35 rules resulting in additional tax and national insurance contributions being payable.

05 Mar 2018

Advisory fuel rates for company cars

New company car advisory fuel rates have been published which take effect from 1 March 2018.

05 Mar 2018

Scotland's five income tax bands and tax relief for pensions

Following the announcement of new income tax rates for Scottish taxpayers for 2018/19, the government is looking at ways of addressing the issue of the tax relief due on Scottish taxpayers' pension contributions.

05 Mar 2018

Minimum Wage increases

The National Minimum Wage and National Living Wage are the legal minimum wage rates that must be paid to employees.

05 Mar 2018

Pensions Auto Enrolment reaches a million employers

The Pensions Regulator has announced that the number of employers meeting their workplace pension duties has reached one million and that statistics show that approximately 9.3 million people are saving into a pension.

05 Mar 2018

Year end tax planning

With the end of the tax year looming there is still time to save tax for 2017/18. We have set out some points you may want to consider.

05 Mar 2018

HMRC rejected Self Assessment expenses and excuses

HMRC have released the latest list of imaginative excuses made by individuals who failed to submit their self assessment return by 31 January deadline in 2017.

05 Feb 2018