What's the Difference Between 0 VAT and VAT Exemption

The Difference Between Zero VAT and VAT Exemption

When charging VAT, the rate charged depends on what the goods or services are. Most items are subject to the standard rate of VAT, but there are other categories: standard rate VAT is currently set at 20%, and applies to most goods and services if VAT is charged reduced rate VAT, which is set at…

Can I Send An Invoice Before I Get My VAT Number?

Can I Send An Invoice Before I Get My VAT Number?

Registering for VAT isn’t a requirement for starting or operating a business. In fact, a business only needs to register for VAT if its taxable turnover in the previous 12 months hits the registration threshold. But what happens to invoices when a business does become VAT registered? When is a business required to register for…

Is it Easy to Submit A VAT Return Using MTD Software

Is it Easy to Submit A VAT Return Using MTD Software?

With the government in the process of Making Tax Digital, businesses are moving towards keeping finance records digitally. After several delays, the MTD for VAT scheme comes into full force from 1st April 2022. Previously the rules only applied to VAT registered businesses with a taxable turnover over the registration threshold. Under MTD, they are…

Where Do I Find My VAT Reference Number

Where Do I Find My VAT Reference Number?

A VAT number is issued when a business becomes VAT registered, and can be found on the registration certificate issued by HMRC. Once the certificate has been issued, the holder (or their agent) can create a VAT online account. What do I need to become VAT registered? Most businesses apply for VAT registration online, although…