Archive for the VAT Category
July 27, 2010
Posted by: Phil Hendy
Categories: Bookkeeping, Business, Company, Software, VAT, selfemployment
Electronic Invoicing – time to ditch the filing cabinet?
What is Electronic Invoicing?
Electronic invoicing is the transmission and storage of invoices without the delivery of paper documents.
Why use this method?
This can offer many advantages over traditional paper invoices. The rapid electronic transmission of documents in a secure environment may provide for:
- An improvement to the traceability of orders
- Decrease in paper storage
- Reduction in paper and handling costs
July 21, 2010
Posted by: Phil Hendy
Categories: Bookkeeping, Business, Company, Taxation, VAT, selfemployment
Should I register for VAT?
Value Added Tax (VAT) is a tax levied on the sale of certain goods and services. There are different rates of VAT which apply. Suppliers are either exempt, zero-rated or chargeable. Currently chargeables supplies are at 5% or 17.5%.
Do I have to?
Registration for VAT may be compulsory, depending on the level of current or future turnover of the business. A business can voluntarily register for VAT; however, in order to register, a business must either be making taxable supplies (sales where VAT would apply) or intend to make taxable supplies in the future.
The two most common cases where a business must register and charge VAT are:
- A non-registered business making taxable supplies whose value exceed £70,000 within the last twelve months or
