Value Added Tax (VAT) is a consumption tax levied on the value added to goods and services at each stage of production or distribution. In the UK, VAT is an indirect tax, and businesses are typically responsible for collecting the tax from customers on behalf of the government and remitting it to HM Revenue and Customs (HMRC). Here’s an overview of VAT for businesses in the UK and why having an accountant’s assistance is important
Overview - VAT
Why Accountant Help with VAT is Important
VAT is a complex tax in the UK, and compliance is crucial to avoid penalties and legal issues. Given the intricacies of VAT regulations, having an experienced accountant can help businesses efficiently manage their VAT obligations, minimise errors, and ensure proper compliance with tax laws.