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What is VAT? - Value Added Tax

VAT is a tax that is added to your sales of goods and services when you are VAT registered.

When you are VAT registered you can generally claim back the VAT you have paid on purchases.

There are currently three rates of VAT:

  • Standard - 20 per cent
  • Reduced - 5 per cent
  • Zero - 0 per cent

There are also some goods and services that are exempt from VAT and outside the UK VAT system altogether!

If you sales over the last 12 month reach/exceed £83,000 you need to register for VAT!

Please refer to HMRC VAT help for full details and legal requirements.

Flat Rate VAT changes coming in April 2017

If your business is a services business (i.e. you mainly earn money off your time worked) has a small amount of purchases you will no longer be able to use the Flat Rate applicable to your sector, you will be capped at 16.5%.

For more info:

VAT help topics:

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B4Bookkeeping Ltd

Tel : 01243 201 401

  1 Lincoln House, Chichester Fields, Tangmere, Chichester, West Sussex, PO20 2FS
Company Reg Number : 9151684. VAT Reg Number: 192 380 988. MLR Reg : 12847995

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