
VAT isn’t as simple as adding 20%. You can pay VAT not just on the products you provide but also on the services you offer. Add to that, the VAT you pay on goods and services you buy and it can be hard to keep track. Our job is to help you to do just that.
We have the technical knowledge and hands-on experience to handle your VAT needs. We’ll work closely with you to provide timely advice and help you uncover savings so you pay no more than you need to.
What are the VAT rules?
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The current rate of VAT is 20%
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Not all goods and services are subject to VAT. Different rates of VAT apply to specific industry sectors. Some items of food and clothing are subject to zero VAT.
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If your annual turnover is above £85,000 you must register for VAT
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It may make sense to register for VAT if you think you’ll exceed the VAT threshold. As a business you'll need to notify HM Revenue & Customs (HMRC) in advance and register for VAT if you’re likely to exceed the threshold amount
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If you’ve paid more in VAT than you’ve charged, you should qualify for a refund
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Smaller businesses whose turnover is lower than £150,000 can register for the Flat Rate Scheme. As part of the scheme, you'll pay a prearranged percentage of turnover between 9% and 16.5%. This makes things simple but also means you won’t have to record every sale or purchase.
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