A new digital VAT registration tool has been launched by HMRC that can be used to help businesses work out the effects of registering for VAT.
The launch of the tool known as the VAT Registration Estimator came about
The VAT Annual Accounting Scheme is available to most businesses with an annual turnover of up to £1.35 million. Key benefits of the scheme include the obligation to file just one VAT return per year, which can greatly
The VAT Import One Stop Shop (IOSS) Scheme applies to goods imported in consignments with a value of £135 or less (known as low value goods) from countries outside the EU and Northern Ireland, to consumers in the EU,
The taxable turnover threshold that determines whether businesses should be registered for VAT is currently £85,000. Businesses with turnover below this level can also apply for a voluntary VAT registration.
Businesses
In the UK most basic food stuffs are zero rated. However, the definition of ‘basic’ is not straightforward and many of the foods are zero rated as a result of historical legislation dating back to the introduction of VAT
The online service for checking a UK VAT number is available at: www.gov.uk/check-uk-vat-number.
This service can be used to check:
if a UK VAT registration number is valid; and
the name and address of the business