Value Added Tax
VAT is an indirect tax and a complex one. We can help you with all your VAT matters.
Q: Do I have to register for VAT?
A: Not straight away when you start a business but when your taxable turnover of a business in a 12 month period exceeds the Value Added Tax (VAT) registration threshold (currently £85,000 until March 2020) then your business must register and account for VAT.
Q: What is Taxable turnover
A: It is the total of everything a business sells that is not specifically exempt from VAT.
Q: Which one is the best software for VAT
A: Depending on your business model we can suggest the best value for money and ease of use.
Q: What kind of VAT scheme should I register for?
A: This is not an easy question to answer in a few lines. It is best to have an in-depth review of your business first. To name some VAT schemes please see the list below. However, these schemes might carry different basis for accounting i.e. Accrual basis or Cash basis.
- Cash accounting scheme
- Annual accounting scheme
- Flat rate scheme
- Standard VAT scheme
- VAT margin scheme
Q: I have more questions on VAT
A: Please feel free to visit our main website for VAT Accounting.