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Do I need to register for VAT?

Do I need to register for VAT?

Any business (incorporated/unincorporated) whose taxable turnover is above £85,000 have to register for VAT. However, there are some transactions that are exempt from for VAT, some are allowed at Zero Rate and some fall out of Scope for VAT purposes. Your business activity will decide the rates applicable to you.  Below are the rates applicable –

VAT rates for goods and services

Rate % of VAT What the rate applies to
Standard 20% Most goods and services
Reduced rate 5% Some goods and services, e.g. home energy
Zero rate 0% Zero-rated, e.g. most food and children’s clothes & medical supplies
Further there are some things that are completely exempt from VAT, e.g. Postal stamps, Property and financial transactions. To check if your business needs to get be registered or not, please visit below link Classification list by HM Revenue & Customs If your business has reached the threshold and are in requirement to register, we can provide you much needed support. We can also ensure that your records are digitally maintained, and regular returns are submitted.

Affinity Associates Limited