Reply To: VAT calculations help

Forum Categories VAT REGISTRATION VAT calculations help Reply To: VAT calculations help

#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.