VAT
Vat is a tax levied on the sale of goods and/or services by UK businesses. It is compulsory for a business to register for VAT if the turnover is expected to, or does exceed £85000 in a 12 month period.
The standard VAT rate in the UK is currently 20%
If your company is VAT registered you will be required to
- – Charge VAT on each of your invoices
- – Submit quarterly VAT returns before the due date
- – Pay any VAT owed by the due date
- – Keep an account of VAT on an ongoing basis (ie. proper record keeping)
Check the latest VAT Updates on HMRC website
Making Tax Digital
Tax is changing. The UK Government’s new tax initiative is set to revolutionise the industry. Under this new system, the information will be filed electronically using government-approved software and paper submissions will no longer be accepted.