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26 November 2020 at 22:32
#56059
VAT-adviser
Member
Once you register for VAT, you will be given a VAT number and the date of start charging VAT.
Depending on the products you sell, the majority of products are usually standard rated – ie VAT charged at 20%.
You have to then VAT on all the affected sales even if one is £1, the total sale price would be £1.20. Generally, VAT registered businesses can also reclaim VAT paid on the goods and services they buy.
The net VAT from the sales and paid on your goods/services bought is that is paid to the VAT office usually on a quarterly basis.