Value Added Tax (VAT)
Smart Solutions Taxation and Accounting offers expert VAT guidance and advice. Value Added Tax (VAT) is a levy that’s added to just about everything you buy in the United Kingdom. Many businesses are required to register for, and collect VAT, but when you’re starting out you may not be that familiar with it. Don’t panic! That’s precisely the reason we’re here - to help you understand what VAT is, what goods and services it has to be added to and whether your business is eligible to register for it. And if it turns out that it is, we’re here to walk you through the process of what you need to do next.
VAT may affect your business in several ways:
● There’s a possibility you will need to increase your prices to include VAT
● Extra money has to be sent to HMRC
● Any VAT you pay on supplies for your company can be claimed back
VAT is a consumption tax assessed on the value added to goods and services. Eligible UK businesses must register for VAT if their annual VAT taxable turnover exceeds the mandatory registration threshold of £85,000.
The current rate of VAT is 20% for the majority of items and services, however for some businesses in the energy, heating, health and protective sector VAT is 5% and for several products and services related to the health, building, publishing and childrens’ clothing sectors, the VAT rate is 0%.
In addition, companies operating within the insurance, antiques, arts, and educational training fields are also not required to pay VAT.
If you are a UK business selling in France, Germany, Italy, Spain, Poland and Czech Republic on selling platforms, such as eBay, Amazon, etc. you may also be liable to complete a VAT return.
Our Promise
Here at Smart Solutions Taxation and Accounting we have many years of VAT experience and we are fully qualified to advise you expertly on all aspects of VAT.
We can advise you on whether your type of business needs to register for and collect VAT, what the applicable rate is and how to go about the whole process from start to finish.
Whether you have a simple one-off question, or you’d like us to walk you through every step, our professional VAT services are tailor-made to suit your unique requirements perfectly.
Why not contact Smart Solutions Taxation and Accounting today for a free, no-obligation quote?
All our fees are fixed rates to keep you safe in the knowledge that there will be no hidden surprises or additional fees to pay down the line.
We look forward to hearing from you and answering making the world of Value Added Tax much less taxing.