Most people have heard of VAT. What people may not realize is that a third of all government revenue comes from VAT. VAT not only affects businesses, but it also affects all of us in the purchases we make (both online and offline). Despite its importance, it remains one of the least understood taxes
You must register for VAT Tax Return if your taxable turnover exceeds £85,000. Taxable revenue is the total revenue generated from sales that are not subject to VAT. Revenue including zero VAT rate is also counted as taxable revenue. Companies that do not exceed this threshold do not need to charge VAT when selling their goods or services.
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