There are different rates of VAT applicable to different types of transactions, the most common being:
Standard – 20%
Reduced – 5%
Zero – 0%
Exempt
VAT is charged on most goods/services, but if you wish to reclaim the VAT you spend, you need to become a VAT registered business.
If you are having problems determining whether to become a VAT registered business, we can help. We offer VAT return preparation services, as well as VAT advice and guidance.
Whether a new or existing business, we will also look at the VAT schemes you are eligible for and establish whether you would be better off adopting one or a mixture of them. Some VAT schemes can lead to tax savings and a reduction in bookkeeping responsibilities.
VAT is arguably most complicated form of Tax from partial exemption to cross border trading rules on the land property transactions and ever-changing reverse charge rules.
Get a professional help by calling 03337721918 or complete our online enquiry form.