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When should you register for VAT & What is the VAT registration threshold?

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VAT is a tax charged by VAT-Registered businesses on most goods and services in the UK, this post will look at when a business should be registered, as always we strongly recommend speaking with a professional accountant or business tax planner to discuss your unique business requirements.

Businesses on most goods and services in the UK, this post will look at when a business should be registered, as always we strongly recommend speaking with a professional accountant or business tax planner to discuss your unique business requirements:

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What is the VAT registration threshold?

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When should my business Register for VAT?

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What are the different rates of VAT?

There are a few VAT rates, and as a business owner or manager you should be aware of the different rates and what they are used for.

• 20% Is the Standard Rate – This is the rate that’s charged on most goods and services in the UK.
• 5% Is the Reduced Rate – This rate is charged on things like energy and heating fuel, installation of energy-saving materials, sanitary hygiene products, and some other products.
• 0% Is just that, the Zero Rate – This is applied to cold food, books, children’s clothing and shoes, public transport etc.

Other categories are “Exempt” for things like providing credit, education fees, some types of postage, fundraising etc. Some other things can be considered “Outside the scope of VAT” or “Not Vatable” such as, rates, wages, things like MOT tests, land, etc.

For more detailed information on what VAT should be charged on and what is should not please check here: gov.uk/guidance. Nunc id aliquet justo. Mauris efficitur ante dui.

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