VAT - Value Added Tax



What is VAT: It is applied to the cost of a product or service at each stage of manufacture, distribution, or sale to the final consumer.

When to get registered for VAT: You must registered for VAT if you turnover is over £85,000.

What are VAT standard rates:  Standard VAT rates are 20% on goods and services.

How to register for VAT, You can registered for VAT on HMRC website using your business gateway account.

How to Submission: Using commercial software - MTD, VAT submission frequency is quarterly.

What are the other types of VAT rates: Reduced rate and Zero rates.

Need help or still have a question? email info@camberleyaccountants.co.uk