What is VAT?
Value Added Tax is a tax charge applied to goods and services provided by a UK business. There are three rates currently – the standard rate (20%), a reduced rate (5%) and zero rate (0%). There are also items that are completely exempt from VAT.
VAT can be complicated when first dealing with it. It is full of technicalities, nuances and detailed case law as well as statue and the jargon used can be even more confusing.
We can provide support and advice in respect of Registration and the appropriate schemes and options such as the flat rate scheme, cash accounting and various retail schemes as well as MOSS (mini one stop shop).
We are able to advise in respect of transactions involving property, VAT groups, transfers of going concern, pre or post trading expenditure, overseas transactions as well as partial exemption and many other common areas of confusion and potential error.
Specific advice should be sought to determine the VAT status of the goods and services you supply and to determine if you can or should register and what you can reclaim. You should be aware that registration can impact other income you or your business receives, so advice is always recommended to consider structure, record keeping and correct reporting.