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VAT stands for Value Added Tax. VAT is indirect tax. i.e. you as a VAT registered business not suffer from the VAT. If your business is registered for VAT, then your duty is to collect VAT from your Customers and then deduct VAT you suffered for business related purchases or expenses and pay excess to the HMRC. Or reclaim from HMRC if you paid more VAT on your purchases and expenses than you charged from your customers. VAT you charged from your customers called ‘output VAT’ and the VAT you paid to you suppliers called ‘Input VAT’. These terms now commonly used in VAT zone. Current compulsory VAT registration threshold is £77,000, but you can still register for VAT on voluntarily basis to claim your Input VAT.
Our VAT experts would provide advise how to ‘save money’ by registering for VAT and selecting most appropriate VAT scheme for your business. We could also provide VAT working templates, if you prefer to maintain your books in-house. Our ‘Pre-formatted VAT Working Templates’ are easy to use and up to date with the current legislations. We could also assist you to choose right book-keeping software for your trade if you prefer to process your complete VAT Return and then to file with the HMRC. Our staff would review and ensure that your VAT Return is accurate if you process in-house.