According to HM Revenue and Customs registration for VAT is compulsory in certain situations, but is also available on a voluntary basis subject to specific criteria. Depending on the type of business there can be specific benefits to registering for VAT on a voluntary basis before you reach the financial threshold. The rules for both are summarised below.
If you're worried about finding the cash to pay your taxes, a new service from HM Revenue & Customs (HMRC) could bring welcome relief. The new Business Payment Support Service makes it easier for cash-strapped businesses to stay on top of their tax payments by spreading them over a period of time. It's aimed at businesses and self-employed individuals who are facing temporary financial difficulties and are unable to pay their tax.
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Many businesses are preparing for tough times ahead. But there is real help available now to keep business fighting fit. Businesses are being urged to take advantage of a range of business support packages on offer to help them through the economic downturn as part of a public information campaign being launched today.
The campaign, which will feature print, radio and online advertisements, has been launched to promote the new "Real Help for Businesses Now" guide on the Business Link website - bringing together support from across Government in one easy-to-access place.
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