Value-add tax (VAT) is a consumption tax that’s levied on goods that have had value added at each stage of the supply chain.
Most businesses with annual sales of £85,000 or more have to register for VAT. And even if your sales are below that level, you can register on a voluntary basis. VAT can be confusing, though, with different rates, options and, in some cases, quite complex rules to consider.
In this video I run through the basics of VAT for small businesses.
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