VAT Returns Advice
There are three rates of VAT in the UK at the moment.
- Standard Rate: 20%
- Reduced Rate: 5%
- Zero Rate: 0%
If a business supplies more than £85,000 of goods or services in the previous 12 months, and those goods and services should have VAT charged on them, then they have to register for VAT.
You can register voluntarily, even if your turnover is below the statutory registration threshold.
We can also assist on VAT registration, preparation and completion of VAT Returns. There can be advantages in registering for VAT, you could increase business credibility, there could be savings if your supplies are zero rated but you can still reclaim VAT on your purchases. If you supply the general public and your turnover is less than the registration threshold you will probably not want to register as this simply puts your prices up by the rate of VAT.