Value Added Tax in Horsham
Value Added Tax, also known as VAT, is levied on taxable supplies made in the UK by a 'taxable person' carrying on a business. This may be a partnership, an unincorporated association, a limited company, or an individual.
Credit is given for tax paid to other businesses and the net balance must either be paid or reclaimed.
There are complex rules which govern the operation of the VAT regime, from filing VAT Returns, to dealing with VAT invoices, together with record-keeping requirements.
Using standard VAT accounting, you will need to submit a VAT return to HMRC every quarter. Businesses with regular repayments can choose to make monthly returns, while the Annual Accounting Scheme requires businesses to submit just one return a year.
The majority of businesses are required to submit their VAT returns online and pay the VAT electronically. VAT returns are normally filed and the tax paid one month after the end of the VAT period.
To find out how we can help with your VAT needs, visit our Services section or contact Giltinian and Kennedy in Horsham.