As a business selling goods across the United Kingdom (UK), you are sometimes required to pay VAT or exclude items from VAT sales altogether. In some instances, you are required by HMRC to charge a reduced rate on items that are sold to consumers on E-commerce platforms or at physical locations. In this article, we...
Do Charities Pay VAT: 5 Myths About Donations? COVID-19 caused the number of charity donations in the United Kingdom (UK) to rise quickly, and some people want to donate but wonder if charities are exempt from VAT. In the UK, the number of charity donations rose between January and June 2020, to £5.4 billion. When...
If you’re a business buying or selling in the United Kingdom, you have likely paid or received VAT (Value Added Tax). This is a tax that is levied on most products and services sold in the United Kingdom. Unless you’ve registered with HMRC to do so, you don’t charge VAT to your consumers when you...
Even as trade agreements are being announced after BREXIT, some businesses outside the UK and EU are wondering how to register for “Value Added Tax”. For start-ups and new businesses, you might be envisaging entering into the U.K. market and wonder what you need to achieve your goal of expanding into this new market. Value...
If you’re a business in the U.K, there is a chance that you have come across the word Value-Added Tax (VAT) or probably charge it to consumers. However, not all businesses are required to own one. Start-ups or businesses who charge VAT are required to register and pay their dues to Her Majesty’s Revenue and...
While everyone is aware that tax is a charge imposed by HMRC on income earned in the United Kingdom, understanding the tax consequences of different company sectors in the UK, reporting your income tax, and staying on top of deadlines all at the same time may be incredibly difficult. Regardless of your existing tax situation,...
As an entrepreneur, a start-up, or a business, you are faced with different tax-related problems every day. From business filings to VAT flat rates, you might be missing out on some tax opportunities or be at risk of paying fines. To prevent this from happening, this article looks at the five most frequently asked questions...
As an individual or company who might be working or living in another country, the income you earn is subject to tax. Regardless of the activity you are engaged in, it is important to have a tax certificate or certificate of residence to prevent you from paying taxes in two separate locations. A tax residency...
When you start up your company or work with a supplier/partner, you may forget to check if your VAT number is valid. It is against the law for a firm to operate (run a business) in the United Kingdom if its VAT taxable revenue exceeds specific criteria (£85,000 for VAT registration). According to UK law,...
In reality, when you start your business, you may register for a VAT number to comply with any number of tax requirements. However, not all businesses exceed the VAT tax threshold, and there might be situations when you are required to have a VAT number. For example, if you want to claim tax relief on...
