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
We explain these in greater detail in our VAT guide.
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 Registration guide. If you're an ecommerce entrepreneur, you may refer to our VAT guide for ecommerce businesses.