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VAT
As VAT (Value Added Tax) has the potential to impact on every business transaction it should not be ignored. This is especially so given most businesses will have no choice but to register for VAT once their sales reach £70,000 a year. Therefore it is important to understand the basics. Failing to meet deadlines or declaring the wrong amount can lead to interest charges and penalties.
This briefing explains:
- How VAT works.
- Whether you need to register.
- How to charge and reclaim VAT.
- How to complete your VAT return.
Labels: Tax
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