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VAT Regsitration: Calculating your Turnover.
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Value Added Tax (VAT) is a rate of tax that is added to the sale of goods and services within the United Kingdom. The rate of VAT is dependent on the good on the goods or services being provided but generally speaking in the UK.
The standard rate of VAT in the UK is 20% and is applied to the majority of goods or services. The reduced rate is 5% and generally applied to health, energy, and protective products and services. 0% on things to do with health, building, publishing, and children’s clothing. A detailed list of the VAT rates on different goods and services can be found HERE.
VAT does not apply to all products or services, things like insurance, antiques, arts, and educational training are exempt from VAT.
As a sole trader or business owner, you would only charge VAT if your taxable turnover exceeds the VAT threshold stipulated by HMRC. At Taxfile we can analyse your business data and find your regsitration date, advise on the best scheme for you, register you, & compile and submit your VAT returns via MTD compliant software. Call us on 020 8761 8000 to see how we can help you with VAT.
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