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What is VAT Registration
VAT (Value Added Tax) is a charge made on goods and services both purchased and provided by VAT registered companies in the UK and in some cases other countries.
VAT is added to the full price on the service or goods provided by a business but they are charged at varying rates as follows:
Standard - 15%
Reduced - 5%
Zero - 0%
If you are VAT registered you can reclaim the VAT you paid for any goods or services, however, if you are not VAT registered you will not be able to claim back any VAT paid by your business.
Currently there is a VAT threshold of £68,000 which means that if your turnover for the past year reaches or exceeds this amount then you will have to register for VAT.
You can also register for VAT even if your yearly turnover is below this threshold.
To apply for VAT registration you will be required to fill in form and send it to HMRC (Her Majesty's Revenue & Customs) for approval.
On average it takes about one month for your application to be processed but it can take longer in some circumstances.
In the meantime your accounts must reflect the date you were required to register for VAT unless you are voluntarily registering in which case you can request the date to be accountable from.
Once you have received your VAT registration you will need to complete a VAT return every quarter with details of VAT you have charged and paid. Your VAT return is submitted to HMRC together with any VAT that you owe or a claim for a refund of VAT if you have paid too much.
If your business has not reached the VAT threshold and is not likely to in 12 months you may consider voluntarily registering for VAT since this may improve the image of your company and its level of business activity and therefore attract more clients.
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