Value Added Tax
Value Added Tax, is a tax that applies to most UK business transactions involving the sale of goods or services. There are three different types of VAT rates:
- Standard VAT rate – 20%
- Reduced rate – 5%
- Zero Rate – 0%
It is vital to keep accurate records once you are registered for VAT. Compliance with the large number of VAT regulations is an onerous responsibility and the penalties for inaccurate returns can be quite severe. With all of its exceptions and complexities, the success of many small businesses will rely on its tax compliance. We are able to advise clients concerning VAT matters generally and assist with the preparation of VAT returns for any business, even if you’ve recently experienced a confrontation with the H M Custom Excise you owe it to yourself and the ongoing success of your organisation.