VAT

Value Added Tax VAT Finance Taxation Accounting Concept

VAT (Value Added Tax) is charged on most goods or services sold or provided by a VAT-registered business in the UK. It is charged whenever a VAT-registered business makes a sale to another business or to a final consumer.

If your business trades in goods or services that qualify as “taxable supplies” and your turnover exceeds the £77,000 VAT threshold, you are required to register for VAT. You may, by choice, register for VAT even if your turnover is well within the threshold and unlikely to exceed it any time soon.

If your business is VAT-registered, as well as charging VAT on the goods and services that you sell, you may reclaim the VAT you have paid in buying goods or services from other businesses.

Once registered for VAT, you do not have to deal with Her Majesty’s Revenue and Customs in person concerning your VAT affairs; you can appoint another to deal with them on your behalf.

This is where Quest comes in: we can help you to register for VAT to begin with; thereafter, we can act on your behalf to ensure that your VAT returns are completed accurately and efficiently, avoiding penalties, advise on which VAT schemes are available and which could save you money and deal with HMRC on other VAT matters.

 

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