VAT

The VAT return can be based on monthly, quarterly, or annual schedule. VAT includes the input which is the sales and output which is expenditure. The comparison of input and output value is the VAT that is payable. VAT stands for Value Added tax, and the companies that have registered for VAT with HMRC are liable to pay VAT. The condition to register for VAT is based on threshold set by the HMRC. It is not only compulsory to register for VAT return depending on your income, but it also depends on certain services and goods that you provide and depends on where you are sending these goods and services. 

• Total value of your sales and purchases.

• The VAT you owe.

• The VAT you can claim back from HMRC.