How to Pay VAT in the UK?

VAT registered businesses act as the collecting agency for HMRC and as such are required to submit a return and pay VAT to HMRC.  In this episode, you will get important information on how to pay VAT in the UK and also the basics of VAT for your business.  Be sure to pay attention to everything being said here so you can be guided accordingly and not incur penalties if you can't comply with the regulations of HMRC. 

  

Here are a few insights you’ll hear in today’s show…

What is VAT?When do you have to register for VAT with HMRC?What are the conditions on whether to pay VAT or to get a refund of VAT from HMRC?The things that business does not have to charge VAT on, or are outside of scope. What are the three VAT rates in the UK that are required to be reported?What things are necessary or needs to be done for VAT purposes?Some examples of goods and services that cannot be included in your VAT return.When are you required to submit VAT returns and pay VAT to HMRC?What are the payment options available to HMRC?What happens if your return is late or your payment is late?

Resources: 

Register for VAT: https://www.gov.uk/vat-registration/how-to-register

VAT rates for goods - including exempt, zero rates, outside scope and reduced rate: https://www.gov.uk/guidance/rates-of-vat-on-different-goods-and-services

HMRC VAT bank details: https://www.gov.uk/pay-vat/bank-details

Surcharge table: https://www.gov.uk/vat-returns/surcharges-and-penalties

Connect to Annette Ferguson:

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YouTube - https://www.youtube.com/channel/UCkohh_X-4R5mKfEW9rBQ1qA

Listen to the Podcast - Financial and Lifestyle Freedom for UK Business Owners -

https://podcasts.apple.com/gb/podcast/financial-and-lifestyle-freedom-for-uk-business-owners/id1473582522