First introduced in 1973. Value Added Tax, aka VAT, is most commonly charged at a percentage, to most or goods or services.
VAT registered businesses charge and collect VAT from consumers and clients. It does not matter if your customer is a business or individual – you still charge VAT as applicable.
They are then responsible for handing this to HMRC and, as compensation for doing this, can reclaim most of the VAT they have paid out.
Follow this month’s series of blogs on VAT to find out more from;
- who has to register
- how to know what is vatable
- what to claim when you first register
- what vat schemes are available.
If you know of a local business that needs help with their VAT, whether that is full bookkeeping or just the checking service we offer, please do pass on our details, MJB Avanti (08000) 388 799.