VAT Services

Value Added Tax (VAT)

VAT is a tax that’s charged on most business transactions in the UK.

When a business provides goods and services, they add VAT to the price they charge. 

• to business customers – for example a clothing manufacturer may add VAT to the prices they charge at a clothes shop
• to non-business customers – members of the public or ‘consumers’ – for example a hairdressing salon includes VAT in the prices they charge members of the public.

There are several rates of VAT and some goods and services are actually ‘exempt’ or outside the UK VAT system altogether.

When you must register for VAT...

If you’re a business and the goods or services you provide are ‘taxable supplies’, we have to tell you that you must register!

If your turnover for the last 12 months has topped a specific limit (which is called ‘VAT threshold) then you can voluntarily choose to register for VAT if you want. Why do this? - there are some good reasons!

Other complications

• Have you considered Cash Accounting?
• Would you benefit from the Flat Rate Scheme?
• Do you need to apply Partial Exemption?
• Are you selling products that fall into the Second Hand Margin Scheme?
• Is it hot food – what are all those catering rules?
• When is work on property zero rated, standard rated and what are the other rates?
• What happens when you work for someone overseas, or when you are importing or exporting goods?
• What is a Transfer of Going Concern TOGC?

Do you need some help with this?

Dominic Hill can assist with VAT registration, VAT Return preparation and submission, as well as offering advice on how VAT and Duty works when you import and export goods.