VAT (Value Added Tax)
As part of our Bookkeeping service, we will prepare and submit your VAT returns.
Introduction to VAT
VAT is charged when a VAT registered business sells to either another business or to a non-business customer.
VAT is charged on most goods and services by VAT registered businesses in the UK.
VAT is also charged by HMRC on goods and some services that are imported from countries outside the European Union (EU), and brought into the UK from other EU countries.
If you are VAT registered, you can generally reclaim the VAT you pay on your purchases.
There are three UK rates of VAT, depending on the goods or services the business provides. The rates are:
There are also some goods and services that are:
Registering for VAT
If you are a business, and the goods or services you provide count as 'taxable supplies' you must register for VAT if either:
You may also choose to register for VAT voluntarily.