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Value Added Tax (VAT)

VAT is an acronym for Value Added Tax. It is a complex tax system, paid by the buyer; it is associated with goods and services. VAT affects most business transactions such as goods and services. Collecting the right amount of tax at the same time or promptly can maximise the recovery of economy. If your business is registered with VAT you can get back the VAT when you pay, when you also buy from other VAT registered businesses. Similarly, you cannot claim VAT on your customers if you are not VAT registered.  We will advise you on how to have the VAT registration requirements according to VAT legislation.

If you are a VAT registered business, no matter whether you are a small business or a large business, in public sector or not for profit society, you will need to ensure you are managing VAT affairs properly. Our practical understanding will answer the challenges that you might have.

VAT regulations may keep on changing, but as of now, you are a VAT liable business in the case of the following situations:

  • If your VAT taxable transactions exceed over threshold (£85,000)
  • If your taxable income goes over the threshold in coming 30 days

Voluntary Registration at VAT

In the following situation, you can register voluntarily at VAT:

  • If you are purchasing significant amount of goods and services from VAT registered businesses and want to claim some of the VAT back.
  • Another voluntary registration for VAT situation is when you are going to make taxable transactions; you can register at VAT prior the transaction. This makes you able to charge VAT on all taxable goods to all your customers.

We will give you clear suggestion on legal obligations, and keep you informed on developments in the VAT. We can assist you with all aspects of the VAT in your business.