Summary

Value Added Tax (VAT) is a tax on consumer expenditure that is levied on business transactions, imports and acquisitions. VAT is administered by HM Revenue & Customs (HMRC).

This topic contains advice on how to manage VAT and meet the associated compliance requirements.

SME Duties

  • Register for VAT promptly when turnover exceeds the registration threshold.

  • If turnover is below the registration threshold for past supplies, consider whether voluntary registration would be beneficial.

  • Ensure VAT invoices are issued when making taxable supplies to a VAT-registered recipient and that they contain all the required information.

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