VAT overview

Chris Andreou

September 3, 2021

VAT overview guide

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Tax

VAT is a type of consumption tax added to the cost of most goods and services for both B2C and B2B markets.

There are three rates of VAT: standard rate, reduced rate and zero rate. VAT is not charged on exempt or out-of-scope items.

As a small business owner or self-employed worker, there are a few key aspects you need to understand about VAT. These are:

  • When is VAT registration mandatory?
  • If I'm considering voluntary VAT registration, what are the benefits and downsides I need to consider?
  • How do I register for VAT?
  • What do I need to do after I've registered for VAT?
  • VAT accounting schemes

These topics are explained in greater detail in our VAT guide. If you're an ecommerce entrepreneur, you may refer to our VAT guide for ecommerce businesses.

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