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1. Who needs to register for VAT?
All businesses that provide "taxable" goods and services and whose taxable turnover exceeds the threshold must register for VAT. The threshold to register for VAT is £83,000. Businesses may choose to register even if their turnover is less than that amount. All registered businesses must charge VAT on the full sale price of the goods or services that they provide unless exempted or outside the VAT system.
2. What are the different kinds of VAT rate and where is it charged?
VAT is levied on most goods and services provided by registered businesses in the UK and some goods and services imported from outside the European Union
The VAT rates used in UK are 20% (standard rate), 5% and 0%.
3. Who should pay VAT?
You can only charge VAT if your business is registered for VAT.
VAT is charged on things like:
- Business sales - e.g. when you sell goods and services
- Hiring or loaning goods to someone
- Selling business assets
- Items sold to staff - e.g. canteen meals
- Business goods used for personal reasons
- ‘non-sales’ like bartering, part-exchange and gifts
These are known as ‘taxable supplies’.
4. What should a VAT registered business do?
5. When should the VAT returns be filed?
- Must charge VAT on their goods or services
- May reclaim any VAT they’ve paid on business-related goods or services
The deadline for submitting the return online and paying HMRC are usually the same - 1 calendar month and 7 days after the end of an accounting period. You need to allow time for the payment to reach HMRC’s account.
cost for VAT registration is £60.00
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