VAT (Value Added Tax) is a tax that is charged on most business transactions in the UK.

There are different rates of VAT applicable to different types of transactions., the most common being:

  • Standard – 20%
  • Reduced – 5%
  • Zero – 0%
  • Exempt

VAT is charged on most goods/services, but if you wish to reclaim the VAT you spend, you need to become a VAT registered business.

Who must register?

If the goods/services you supply count as ‘taxable supplies’, you’ll need to become VAT registered, especially if your turnover for the last year has gone over the VAT threshold,  or if you think your business will soon surpass this threshold.

If you are having problems determining whether or not to become a VAT registered business, Barnes Roffe can help. We offer VAT return preparation services, as well as VAT advice and guidance.

It’s not that simple…

VAT is perhaps the most complicated tax. From partial exemption calculations to reverse charge rules, cross-border trading to land and property transactions, the possible pitfalls and complexities are many. It is vital to get professional VAT advice as the cost can be great if you make the wrong decision. Advance planning is invaluable.

Our tax team and specialist VAT consultants can advise you on all areas of VAT.

We also offer a VAT Healthcheck service, giving you peace of mind over your VAT compliance.

At Barnes Roffe we are much more than your average tax accountants. Through our commitment to offer you the best quality tax advice, our tax consultants can help you to calculate all of your taxes as well as provide you with in-depth business strategies.

Contact our tax team today and we can help you understand how VAT affects your business.

July 6, 2023

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July 6, 2023

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July 6, 2023

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