2. Leverage Data Extraction Tools for Documentation. In the digital age, paper receipts can get lost, leading to missed VAT reclaim opportunities. Tools like ReceiptBank and Hubdoc can digitize and categorize these documents, attaching them to the corresponding transactions in your accounting software.. If your company makes taxable supplies of goods or services below a certain annual limit, it may be exempt from VAT. This means you will not pay VAT to the tax administration but you will then not be able to deduct the input VAT or to indicate VAT on invoices. You may — if you choose — voluntarily opt for the normal VAT arrangements, in.
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Strategies to Avoid Paying VAT. 1. Purchase from VAT-exempt suppliers: One common strategy is to purchase goods or services from suppliers that are exempt from VAT. This can include products like books, educational services, healthcare, and certain types of food. By choosing VAT-exempt suppliers, you will not be charged VAT on your purchases. 2.. To be eligible for the Flat Rate VAT Scheme, a business’s VAT taxable turnover must be £150,000 or less. It’s essential to note that this figure refers to the expected turnover for the next year, not the past year. If during the year, your turnover exceeds £230,000 (including VAT), you’ll need to exit the scheme.
