VAT:
If a Business has a VAT-able turnover of more than £67,000 (currently), it must register with H M Revenue & Customs for VAT.
This means that it will need to charge VAT on all goods and services sold to customers, unless ”exempt” or, “ zero rated”. It then has the ability to claim back VAT relief on most purchases, with the excess needing to be remitted to HMRC. It is possible to arrange with HMRC, registration under the “flat-rate” scheme or, cash accounting scheme, if beneficial.
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