In the UK every business with a turnover exceeding £85,000 must register within 12 months. There is a possibility of voluntary VAT registration for entities with lower turnovers.
After registering, a company that sells its products or service must charge VAT on each invoice issued. At the same time, you should keep a VAT record related to the company's purchases (for the company's purposes).
| Rate | % of VAT | What the rate applies to |
|---|---|---|
| Standard | 20% | Most goods and services |
| Reduced rate | 5% | Some goods and services, e.g. home energy, child car seats etc. |
| Zero rate | 0% | Most food products, children's clothes etc. |
More information on how to calculate VAT, you will find out how to contact us.
| Circumstances | Threshold |
|---|---|
| VAT Registration | More than £85.000 |
| Registration for distance selling into the UK | More than £70.000 |
| Registration for bringing goods into the UK from the EU | More than £85.000 |
| Completing simplified EC Sales List | £106.500 or less and sends goods / services to the European Union in the amount of £ 11,000 or less |
The above data is current from 01 April 2015.
Having previously experienced numerous delays in the completion of my accounts and submission to the relevant authorities by previous accountants, I have to say how much of a refreshing change it has been to have everything dealt with on time By ABS-Service Ltd.
I dreaded each quarter as it came around until I met with the team at ABS-Service Ltd. For the last couple of years all I have had to do is present my paperwork by an agreed date and everything is taken care of. We then had a further chat and I have been able to reduce my VAT bill by over 50%.
We've been dealing with ABS-Service Ltd for 3 years now and have always found their industry knowledge, expert advice and professional service provided by the 'Team' at ABS-Service Ltd a great resource for our company.