VAT

What is VAT? Do I have to pay it? Can I add it to my invoices? Do I have to register my business? When do I do it? How?

If you ever ask yourself these questions, you are not the only one. VAT, or Value Added Tax is a tax charged on most goods and services provided by VAT-registered businesses in the UK. We all pay VAT, and in some circumstances we are able to claim it back from HMRC. Depending on the turnover of your business, you might have to register for VAT. However, you can also opt to get registered when it is advantageous to your strategy.

VAT is often quite a complex issue and a lot of companies end up paying too much, or not enough of the tax, which results in penalties.

At Redstacks you can get help relating to the preparation of VAT returns. It may include:

• preparing quarterly VAT returns

• correcting errors to VAT returns

• advising on the different and most appropriate VAT scheme

• assisting with registration and de-registration with HMRC

• corresponding with HMRC.