Expenses charged to your clients – for VAT purposes, HMRC rules on disbursements

If you are reimbursed expenses from your client, the receipt is VAT applicable unless the expense meets the following rules from HMRC; ‘Before you treat a payment as a disbursement(no VAT applied), you’ll need to make sure all of the following apply: you paid the supplier on your customer’s behalf and acted as the agent of your […]

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VAT registration limits

The current threshold for the tax year ending 05 April 2015 requires that businesses or sole traders register for VAT if their turnover over the previous 12 month period is more than £81,000 or will exceed this in the following 30 days. You need to monitor your turnover and contact us to discuss it if […]

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A VAT invoice must have the following information to be valid

invoice number, must be unique and serial, and you must keep copies of spoiled or cancelled invoice numbers invoice date your VAT registration number your full business name and trading address your full registered office details (see link for details) the customer full name and trading address goods or services description the rate of VAT […]

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New Limited company – What next?

There are some key things you need to do once your new limited company is incorporated, here’s a checklist for you; Company stationery must show the full company registered name, registered office address, where incorporated and company registration number A Company bank account must be set up and all expenses and receipts processed through it If […]

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