Value added tax

Hints and tips

  • Whilst the principles of VAT are simple, there are some complexities. The VAT guide is a very helpful reference book and Customs and Excise publish an extensive list of factsheets which can help you with things like VAT on company cars, exporting, etc.
  • Invite the VAT office to send round a representative when you first register for VAT to review your personal circumstances and ensure that you have a system in place which will serve your needs
  • You need to keep accounting records for a period of 7 years, in case the VAT inspectors decide to audit you.
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