Value Added Tax in Bournemouth
Value Added Tax, also known as VAT, is levied on taxable supplies made in the UK by a 'taxable person' carrying on a business. This may be a partnership, an unincorporated association, a limited company, or an individual.
Credit is given for VAT paid to other businesses and the net balance is either payable or reclaimable - normally on a quarterly basis.
Detailed rules govern the operation of the VAT regime, from filing VAT Returns, to the form and content of VAT invoices, together with specific record-keeping requirements.
VAT returns must be submitted to HMRC every quarter. Businesses with regular repayments may make monthly returns, while those using the Annual Accounting Scheme need make only one return a year.
The majority of businesses are required to submit their VAT returns online and pay the VAT electronically. VAT returns are normally filed and the tax paid one month after the end of the VAT period.
To find out how we can help with your VAT needs, visit our Services section or contact Paget Reid York in Bournemouth.