Whether you are a recently launched Start-up or a well-established Corporation, understanding your position in relation to VAT, including when and how the various rules apply to you, is an important part of running any successful business.

Understanding VAT rules and their impact on your business can be challenging. When should you register for VAT? What VAT rate applies to your businesses sales? In what situations can you reclaim VAT? Plenty of important questions need to be answered to manage your VAT obligations correctly, while at the same time, ensuring you don’t pay more than is required by law or reclaim less than you are entitled to. Even to ensure you are correct VAT scheme, as this can create huge difference in liabilities. In addition, businesses that submit incorrect information or fail to pay VAT on time can be liable to pay penalties and interest so it is essential to keep your VAT affairs in good order through accurate VAT accounting.