Monthly Archives: March 2022

How Does VAT Work And Which Tax Scheme Is Right For You?

If you are about to become VAT registered you might be left asking how does VAT work, and what does it mean for my business? VAT can be a confusing subject for new and experienced business owners alike. You must become VAT registered when your business turnover has reached the VAT threshold. What Is The VAT Threshold? In the UK a business currently must register for VAT if its annual turnover is more than £85,000. This figure changes yearly and usually increases on the 1st of April each year. There are certain items that are VAT-exempt such as charitable donations. […]