February 20, 2024
Ascot Team
Guides & Factsheets
Understanding VAT
Value Added Tax (VAT) is a tax charged on most goods and services in the UK. As a business owner, you effectively act as a tax collector for HMRC.
When to Register
You strictly must register for VAT if your VAT taxable turnover goes over £90,000 in a rolling 12-month period.
VAT Schemes
Several schemes exist to simplify VAT for small businesses, including the Flat Rate Scheme, Cash Accounting Scheme, and Annual Accounting Scheme.