VAT (Value Added Tax) is charged on most goods or services sold or provided by a VAT registered business in the UK. It is charged whenever a VAT-registered business makes a sale to another business or to a final consumer.
If your business trades in goods or services that qualify as ‘taxable supplies’ and your turnover exceeds the £85,000 VAT threshold, you are required to register for VAT. You may by choice, register for VAT even if your turnover is well within the threshold and unlikely to exceed it any time soon.
If your business is VAT registered, as well as charging VAT on the goods and services that you sell, you may reclaim the VAT you have paid in buying goods or services from other businesses.
Once registered for VAT, you do not have to deal with Her Majesty’s Revenue and Customs in person concerning your VAT affairs. You can appoint a third party to deal with them on your behalf.
We can help you register for VAT and thereafter, can act on your behalf to ensure that your VAT returns are completed accurately and efficiently to avoid penalties. We can advise on which VAT schemes are available and which ones could save you money.