VAT (Value Added Tax) is a consumption tax that is applied to the sale of goods and services. In the UK, businesses that have a taxable turnover above £85,000 (the VAT threshold) must register for VAT with HM Revenue & Customs (HMRC) and then charge VAT on their taxable supplies.

Our advice to businesses on how to navigate FRS 105 and FRS 102: which is best for your business, how to choose and impact to consider for your business

Our up-to-date guide on how to navigate the complexities of Reverse Charge VAT on EU purchases if you are a small business and don’t want to fall foul of tax law.