Common VAT Errors That Could Cost Your Business
For VAT-registered business owners, the responsibilities can be overwhelming, and errors in handling Value Added Tax (VAT) can result in substantial penalties from HMRC. In this blog post, we will explore the most common errors made by VAT-registered owners and discuss how to avoid them. Lack of Proper Record-Keeping: One of the fundamental requirements […]
Should I register my business for Value Added Tax (V.A.T)?
Registering your business for Value added tax (VAT) is mandatory if you supply goods and services in the UK and go over a certain threshold. Value Added Tax (VAT) in the UK is a tax that is paid by consumers as soon as they buy an item that is a taxable supply. The purpose of […]
Something You Probably Didn’t Know about Value added Tax in Uk.
Value Added Tax Value Added Tax (VAT) in the UK is a tax that is paid by consumers as soon as they buy an item that is a taxable supply. The tax is not meant to be suffered by a taxable business rather it’s the final consumer that suffers the burden of VAT. It’s like […]