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Frequently Asked Questions
We understand that you might have lots of questions when looking for an accountant. For this reason, we have compiled a list of frequently asked questions for you, which we hope will be helpful. However, if you have any further questions, please contact us.
In a sense, everyone pays VAT one way or another, but VAT-registered businesses essentially serve as “unpaid tax collectors.” Both the timing and accuracy of their sales and purchase transactions must be accurately accounted for. The seller is responsible for sending the VAT that was paid by the buyer to HMRC.
With a VAT taxable turnover of over £85,000, a business must register for Value Added Tax, also known as VAT. If your business’s annual revenue is below the VAT registration threshold, you are not required to register for VAT but may do so if you so choose.
Most goods and services in the UK are subject to 20% VAT at the moment. Some goods and services have lower VAT rates or don’t have to pay VAT at all. Different European and international countries also have their own VAT rates and rules.
Get in touch with a member of our team today to make sure you’re using the right VAT rate.
Starting in April 2022, all VAT-registered businesses, irrespective of annual revenue, will be required to file their VAT return using MTD-compatible software.
One calendar month and seven days after the end of the accounting period, which is usually every three months, a VAT Return must be filed and any unpaid balance must be paid to HMRC.
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Meet the team
We are incredibly proud of our team here at Nichols & Co, with some of the best chartered accountants, accounting trainees, payroll specialists, auditors and tax advisors in Greater London. Check out our team below.