Value Added Tax in Bath
Value Added Tax (VAT) is chargeable on taxable supplies made in the UK by a 'taxable person' carrying on a business. A 'taxable person' may be an individual, an unincorporated association, a limited company or a partnership.
Credit is given for VAT paid to other businesses and the net balance is either payable or reclaimable.
Detailed rules govern the operation of the VAT regime, from filing VAT Returns, to the form and content of VAT invoices, together with specific record-keeping requirements.
VAT returns must be submitted to HMRC every quarter. Businesses with regular repayments may make monthly returns, while those using the Annual Accounting Scheme need make only one return a year.
The normal date for filing VAT returns and paying the tax due is one month after the end of the VAT period. Most businesses have to submit their VAT returns online and pay the VAT electronically.
To find out how we can help with your VAT needs, visit our Services section or contact R D Owen and Co in Bath.