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  • Tax Breaks - Repaying input tax to avoid a penalty
    Usually you can reclaim VAT on purchases for the VAT quarter in which you receive the goods or services, even if you don’t pay for them. However, if you delay paying the supplier’s bill you might have to repay the VAT you reclaimed or face a penalty. What steps can you take to avoid this?
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  • Tax Breaks - Get your VAT back on debts
    It’s bad news if a customer can’t or won’t pay, and where you’ve already handed over VAT on the sale to the Taxman it adds insult to injury. Of course, you’ll get the VAT back if the debt goes completely bad, but how long do you have to wait and could you avoid paying it in the first place?
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