VAT

VAT, otherwise known as Value Added Tax is a tax that is charged on most business transactions in the UK. This tax can vary, but the most common 3 you’ll find are:

• Standard – 15% (at present – likely to change on the 1st January 2010)
• Reduced – 5%
• Zero -0%

VAT is applicable to most goods/services available, but if you are interested on reclaiming the VAT you spend, you need to become a VAT registered business.

Who should register?

If the goods/services you supply count as ‘taxable supplies’, you’ll need to become VAT registered, especially if your turnover for the last year has gone over the VAT threshold (currently £68,000) or if you think your business will soon surpass this threshold.

If you are having problems determining whether or not to become a VAT registered business, at Barnes Roffe we can help. Using our Tax preparation services, we can show you how to effectively fill in your VAT returns, calculate your tax liabilities and give you the tax help you deserve.

At Barnes Roffe we are much more than your average tax accountants. Through our continued endeavour to offer you quality tax advice, our tax consultants can help you to calculate all your taxes as well as provide you with in-depth business strategies and formulas.

Contact our tax consultants today and let us help you to make the most out of VAT changes, taxation costs and most importantly your business.