How VAT works, free calculator
How VAT works You can only charge VAT if your business is registered for VAT. VAT is charged on matters like: commercial enterprise sales - for example when you sell goods and services hiring or loaning items to someone promoting enterprise assets commission items bought to staff - as an instance canteen meals commercial enterprise goods used for private reasons ‘non-sales’ like bartering, part-trade and gifts. These are recognised as ‘taxable supplies’. There are different rules for charities. Responsibilities VAT-registered businesses: should price VAT on their goods or services may additionally reclaim any VAT they’ve paid on commercial enterprise-related items or services If you’re a VAT-registered commercial enterprise you ought to document to HM Revenue and Customs (HMRC) the amount of VAT you’ve charged and the quantity of VAT you’ve paid. This is done through your VAT Return which is normally due each three months. You may want to rent an agent to address HMRC on your behalf. Y...