VAT

For most sole traders, VAT is something that happens to other, bigger businesses - right up until it isn't. Turnover creeps up, a few good months stack together, and suddenly you're over a threshold you weren't watching, owing VAT you never charged. This guide explains how VAT works, exactly when you have to register, when it can make sense to register voluntarily, which schemes are worth knowing about (and which one to be wary of), and what happens if you file or pay late. I

If you’re a contractor or subcontractor working in the building trade, the VAT Domestic Reverse Charge (DRC) is one of those rules that causes more head-scratching than almost any other. The truth is, it doesn’t change how much VAT is ultimately due - it changes who pays it over to HMRC. But getting it wrong on your invoices can lead to errors, cash flow surprises, and unwanted attention from HMRC. This guide continues our series of simple explainers designed to help you navi