How to Manage VAT Errors & Changes Accurately accountsoutsourcing.wordpress.com
VAT registration is mandatory for all such businesses which trade in “taxable” goods and services and whose taxable turnover exceeds the threshold. The current threshold for registration is £85,000. VAT registered firms must charge VAT on the sale price of the goods or services that they give unless those goods/services are exempt or outside the scope of the VAT system. VAT is charged on the goods or services sold (known as output tax) and VAT is incurred on goods or services purchases (known as input tax). The difference between output VAT and input VAT is the VAT liability which has to be paid to the HMRC while filing the VAT return.
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