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Value Added Tax

Registered businesses charge Value Added Tax (VAT) on their sales. This is known as output VAT and the sales are referred to as outputs.Similarly VAT is charged on most goods and services purchased by the business. This is known as input VAT.

There are three rates: standard which applies to most goods and services, reduced rate for some goods and services such as home energy and zero rate goods and services, for example, most food and children’s clothes.

Some supplies are exempt from VAT for example postage stamps, financial and insurance transactions.

A business is required to register for VAT if the value of taxable supplies exceeds the annual registration limit.

The government has frozen the VAT registration and deregistration limits for two years from 1 April 2018.

Rates

Standard: 20% (unchanged from 2018/19)

Reduced: 5% (unchanged from 2018/19)

Limits

Annual Registration Limit (1.4.19 to 31.3.20): £85,000 (unchanged from 2018/19)

Annual Deregistration Limit (1.4.19 to 31.3.20): £83,000 (unchanged from 2018/19)

Compliance with the latest government legislation.

Weekly or monthly payslips showing the respective Tax, National Insurance payments.

SMP and SSP calculations.

Handle your real-time information tax returns.

Year end Forms submitted to the Inland Revenue

Backup support and help line available

As can be seen, we provide a complete comprehensive Payroll support structure from the small to larger companies.

Your VAT needs may range from routine compliance to specialist advice. No matter the complexities of your organisation, Our VAT and indirect tax team can support your business strategies and provide expert advice to manage your tax risk and liabilities.

The issues and questions surrounding VAT are notoriously difficult. With increased legislation and regulation, this makes VAT one of the most complex taxes you are likely to encounter. Whatever your particular business sector or circumstances,our VAT and indirect tax team will provide you with tailored, practical and commercial advice which is specific to your business needs.

Charter Brook Limited's specialist team can help you plan a VAT-efficient approach to every aspect of your business to enhance cashflow and minimise risk.

Whether your VAT affairs are straightforward or highly complex, and whether you require one-off specialist advice or ongoing services, you will benefit from a VAT expert working with you to achieve your aims.