Loading...

Resources / VAT

You are here : Home / Resources / VAT

VAT

Value Added Tax, or VAT, is a tax that applies to most business transactions involving the supply of goods or services. A company must register for VAT if, in the last 12-month period, it supplied taxable goods and services amounting to more than the current tax year’s VAT threshold amount.

Once registered, the Limited Company must then charge VAT on all invoices to agencies or end-clients and then pay this over to HMRC. Similarly, the company may claim any VAT paid on business expenses incurred.

myPSC will monitor your company's turnover, notify you when it should become VAT registered, and take care of the administration of registration. myPSC will then generate and issue invoices to your Limited Company’s agencies or end-clients with the appropriate VAT charge.

VAT returns are due to HMRC every 3 months and include information about your total sales and purchases, the VAT you owe, and the VAT you can reclaim. myPSC will calculate all the relevant figures and a member of our team will submit the VAT return on your behalf before your Limited Company’s quarterly deadlines.

E-mail us at info@my-psc.com or Call us on 0800 0217 186