VAT

Whether you are starting out or you have been in business for a long time, we can help you meet your VAT responsibilities. VAT is a form of consumption tax –a tax which is applied to the purchase of goods or services and other taxable supplies. For a business, VAT plays an important role and can be charged on a range of your goods and services.

If your business turnover is more than £85,000 you are legally required to register for VAT – Our expert team of VAT accountants will ensure that you or your company is both registered and de-registered for VAT for both obligatory legal reasons and commercial profitability when required to be. They will complete your quarterly VAT returns, whilst assessing whether you are claiming VAT through the most cost effective scheme possible.

When Do I Need To Charge VAT?

You must register for VAT if your VAT taxable turnover goes over £85,000 (the ‘threshold’), or you know that it will. Your VAT taxable turnover is the total of everything sold that is not VAT exempt.

You can also register voluntarily.

What Is VAT Charged On?

VAT is charged on things like:

  • Business sales – for example when you sell goods and services
  • Hiring or loaning goods to someone
  • selling business assets
  • Commission
  • Items sold to staff – for example canteen meals
  • Business goods used for personal reasons

These are known as ‘taxable supplies’. There are however, different rules for charities.

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