VAT-registered businesses pay VAT when they sell to another business or to a customer. This tax is also charged on goods imported from countries outside the EU or brought into the UK from elsewhere in the EU. There are three main rates of VAT, depending on the type of service/goods the company provides: standard (20%), reduced (5%) and zero.
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Some items are exempt, for example:
Here at Target Accounting we deal with the preparation of monthly/quarterly/annual VAT returns on behalf of clients and on line submission to HMRC ensuring HMRC deadlines for submission are met. Our service allows your company to fulfil statutory obligations and ensure penalties are not levied by HMRC for late submission.