VAT is often seen as a complex tax regime designed to baffle and confuse business owners rather than to help them. Making a mistake can lead to costly errors or being selected by HMRC for a tax investigation.
Our accountants have a wealth of experience dealing with VAT issues. They can offer proactive advice to ensure compliance with VAT legislation and will reduce the risk of HMRC penalties that can arise if a mistake is made.
• Standard rate - 20%
• Reduced rate - 5%
• Zero rate - 0%
More than £83,000
|VAT accounting scheme||Threshold to join scheme||Threshold to leave scheme|
|Flat Rate Scheme||£150,000 or less||More than £230,000|
|Cash Accounting Scheme||£1.35 million or less||More than £1.6 million|
|Annual Accounting Scheme||£1.35 million or less||More than £1.6 million|