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.
Our small business accounting guide walks through absolutely everything you need to know if you're considering starting a limited company. From different taxes, limited company advantages/ disadvantages, how to pay yourself, and what your key filing requirements are.
- When to register a Ltd company
- When to register for VAT
- How to take money out of your company
- Dividend tax rates
- Limited company expenses & corporation tax
- Annual accounts and deadlines
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- Registering for VAT
- Self assessment
- Sole trader vs limited company
- Dividends and personal tax
- Registering your company
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