VAT
VAT
VAT (Value Added Tax) is a tax added to most products and services sold by VAT-registered businesses
Businesses have to register for VAT if their VAT taxable turnover is more than £90,000. They can also choose to register if their turnover is less than £90,000.
Frequently asked questions
● Standard Vat accounting
● Flat rate scheme
● Annual Accounting
● Cash Accounting
Vat is due a month and 7 days after your period end. If you have a direct debit set up, the payment will go out your account on the 10th otherwise payment must be made by the 7th.
If your vat return is late, you may face penalties & interest charges. So it is very important you plan ahead and ensure this is done on time.
