VAT can be a confusing subject. Learn more about how to manage VAT efficiently in your business, from monitoring turnover and registration, to recording transactions, sending VAT invoices, and MTD reporting requirements.
If you’re a business owner, paying VAT on goods and services is all too familiar. The good news is that registering for VAT means you may be able to reclaim some of the VAT you pay (after all, it adds up)! We’ll look at who can reclaim VAT, how it works and whether you need…
Most of us pay VAT daily, whether it’s for a specific service or purchasing our favourite savoury snacks. It stands for ‘value-added-tax’ and is a consumption tax that’s charged on a product during each point of sale where value has been added. As a business, registering for VAT is mandatory if your taxable turnover in…
The rate of VAT that must be charged varies depending on what goods or services are being supplied. Most items are subject to the standard rate of VAT but there are other categories, including those which are zero rated or even exempt from VAT altogether. In this article we go over what it means to…
We all pay VAT on most of the items or services we purchase. If you run a business, then you may also need to become involved in the VAT system as a collector. It sounds confusing (to be honest it sometimes can be), so we’ll use this article to “bust the jargon” surrounding VAT. We’ll…
Value Added Tax (VAT) is what’s known as a type of ‘consumption tax’ – a form of tax applied to eligible goods and services. Fortunately, not all businesses need to register for VAT – only those whose taxable turnover reaches the registration threshold. When a business reaches this point, there are several ways in which…
