There are schemes available to help smaller businesses such as the Flat Rate VAT
Before a VAT
rate change can be implemented, businesses must identify and analyse the change.
As for Scotland's opportunities to manage its own VAT
affairs there will be a number of practical issues that businesses who trade across the UK will have to face if independence gets the go ahead A business based in the remaining UK will need to consider whether the levels of its retail sales in Scotland will require another VAT
registration in Scotland as well as their existing one in Newport, for example.
In December 2013, the trend was similar, with 6456 companies (again around 93% of the total) receiving VAT
of up to BGN 100A 000.
Symeonides noted however that despite the VAT
hike Cyprus continues to have the third lowest VAT
rate in the European Union, following Malta with 18% and Luxemburg with 15%.
However, it doesn't need to be all bad news - properly managed, registering for VAT
can actually help small firms keep more money in their bank account.
About UVS Universal VAT
Services is a leading provider of VAT
recovery services for companies and academic institutions around the world.
Mike Sheppard, VAT
partner at Grant Thornton in Birmingham, said: "This is good news for any business that has paid VAT
on the purchase of a property business they have not been able to fully reclaim, as there may now be an opportunity to apply for a VAT
-registered businesses in the UK will have to submit their VAT
returns online and pay electronically for accounting periods beginning on or after April 1, 2012.
The UK, Greece, Portugal, Spain, Finland, Hungary, Poland, Romania, Switzerland, Slovakia and Czech Republic have been forced to raise their VAT
rates in the two years (see table below for details)
The Majlis did not eliminate any other taxes when it voted in the VAT
Further information on VAT
exemption is provided in the HM Revenue and Customs VAT
leaflet 701/7, 'VAT
reliefs for people with disabilities'.