07: VAT

You must normally register for VAT if your sales exceed the registration threshold. Sometimes it is a good idea to register for VAT even if your turnover is below the threshold, so that you can recover VAT charged to you.

There are some special schemes for small businesses, such as cash accounting and the flat rate scheme, as well as schemes for retailers and some other businesses. Choosing the right scheme can simplify your VAT administration and sometimes produce savings.