VAT although simple in principle, can be tricky and often complex in practice for businesses. This VAT explained video goes through the basics and hopefully answers some of the most common questions about VAT.
What Is VAT? - 0:41 When Must You Register For VAT? - 3:00 When Must You Start Charging VAT? - 6:06 Special VAT Schemes 7:07 How To Report and File VAT Returns 9:45
thank you very much for a very clear explanation. im approaching 50 years and have not made an effort to learn about VAT. fortunately i am currently reading a book on property investment and therein is a chapter on Tax and VAT formed a part of the chapter. so, i decided to come to youtube for more explanation because the book was not so clear. once again for accommodating lay people like me. Audrey from South Africa
You speak excellently. My VAT application has been approved, and I have also received the certificate，and it shows that I have joined the “VAT Annual Accounting Scheme” and “Flat Rate Scheme”，When I log in to My Government Gateway user ID, the system asks me to add a 9-digit VAT tax number. However, every time I enter it, it keeps showing a format error message saying “Enter a VAT number in the correct format.” What could be the reason for this?
When a foreign firm sell a good that is outside UK and EU at the point of sale VAT is charged which will be paid to government through HMRC quarterly. Below 135 Pound there will be no additional custom duty when you send this product to buyer in UK. However, you have VAT accounting but a a foreign business you warn money. Don't you give UK government any money for the products you sell below 135 Pound? Any yearly payment or anything?
thanks but I have a question. Someone find job for me and I suppose scam and ask her to gave me her VAT number. And when i checked VIES VAT number validation that VAT number it says valid VAT. What do you recommend me?
We applied for VAT, after 30days we got a questionnaire, 3 days ago we filled the questionnaire, now the question is when will we get the VAT Number, Kindly help
I cannot say exactly when you will get the VAT number, however when you do, it should be backdated to the date you put on the application - I hope this helps
hello - can somebody help me? to sell VAT products do you have to be VAT registered? or can you decide whether or not you wish to, providing you're below the £85,000 limit. It seems like such a basic question but i can't find the answer anywhere! thanks!
Hey T. These are really excellent videos mate. Thanks for doing these consice presentations. Very informative and useful all round especially to aspiring people who desire to get ahead
Thanks for the great video. I have a self employed business letting out rooms and paying a guaranteed rent to landlords. Because of thisi have a high turnover of around £200k, but the expenses of paying the ground rents and utilities are about £170k, will I need to be VAT registered?
Generally no vat on residential rental income - there may be a couple of exceptions eg serviced accommodation income but don’t think that applies in this case
Hi Accounting Income tax, thank you for your comment and support 😊. We do produce online courses which you can access here >>> accountingtaxacademy.com/courses/
VAT although simple in principle, can be tricky and often complex in practice for businesses. This VAT explained video goes through the basics and hopefully answers some of the most common questions about VAT.
What Is VAT? - 0:41
When Must You Register For VAT? - 3:00
When Must You Start Charging VAT? - 6:06
Special VAT Schemes 7:07
How To Report and File VAT Returns 9:45
thank you very much for a very clear explanation. im approaching 50 years and have not made an effort to learn about VAT. fortunately i am currently reading a book on property investment and therein is a chapter on Tax and VAT formed a part of the chapter. so, i decided to come to youtube for more explanation because the book was not so clear. once again for accommodating lay people like me. Audrey from South Africa
Thanks for this♥️ I need this one as I am a bookkeeper in Uk base company. Do you have video about reverse charge tax?
You speak excellently. My VAT application has been approved, and I have also received the certificate，and it shows that I have joined the “VAT Annual Accounting Scheme” and “Flat Rate Scheme”，When I log in to My Government Gateway user ID, the system asks me to add a 9-digit VAT tax number. However, every time I enter it, it keeps showing a format error message saying “Enter a VAT number in the correct format.” What could be the reason for this?
do the first person not pay any vat? surley they dont get their stuff for free with out vat
When a foreign firm sell a good that is outside UK and EU at the point of sale VAT is charged which will be paid to government through HMRC quarterly. Below 135 Pound there will be no additional custom duty when you send this product to buyer in UK. However, you have VAT accounting but a a foreign business you warn money. Don't you give UK government any money for the products you sell below 135 Pound? Any yearly payment or anything?
Can rent be charged VAT???
great content! the VAT threshold 85K, does it include the sales to the EU and non-EU countries as well? Thanks!
Yes it does - normally they are zero rated but you must take them into Account
thanks but I have a question. Someone find job for me and I suppose scam and ask her to gave me her VAT number. And when i checked VIES VAT number validation
that VAT number it says valid VAT. What do you recommend me?
We applied for VAT, after 30days we got a questionnaire, 3 days ago we filled the questionnaire, now the question is when will we get the VAT Number,
Kindly help
I cannot say exactly when you will get the VAT number, however when you do, it should be backdated to the date you put on the application - I hope this helps
Hi. I buy some items from alibaba and I want to sell on ebay. I have Eori but with VAT I don't have. What is it to do ?
Hi, what rate would be for the baby blanket and curtains designed for the baby room?
? Confused ?
Does anyone know this
If turnover is £100k then do I pay vat on £15k or the whole £100k?
Thanks
Once your t/over is above 85k you register and then start applying vat to all products or services you sell
hello - can somebody help me? to sell VAT products do you have to be VAT registered? or can you decide whether or not you wish to, providing you're below the £85,000 limit. It seems like such a basic question but i can't find the answer anywhere! thanks!
you can register voluntarily -if that is what you are asking?
Hey T. These are really excellent videos mate. Thanks for doing these consice presentations. Very informative and useful all round especially to aspiring people who desire to get ahead
Can rent be charged VAT???
How much is cost of registering vat tax certificate for forex non resident eu
Brilliantly explained as always
Agree!
Hi Abbas, thank you very much for your kind comment.
Thanks for the great video. I have a self employed business letting out rooms and paying a guaranteed rent to landlords. Because of thisi have a high turnover of around £200k, but the expenses of paying the ground rents and utilities are about £170k, will I need to be VAT registered?
Generally no vat on residential rental income - there may be a couple of exceptions eg serviced accommodation income but don’t think that applies in this case
@@PJMcInerney thanks Happy New Year
Ur way of explanation is awesome sir .
Do u provide online classes for accounting and taxation for accountants i am ready to pay fees ...
Hi Accounting Income tax, thank you for your comment and support 😊. We do produce online courses which you can access here >>> accountingtaxacademy.com/courses/
@@tonydCFO thanks 👍
I will go through and then will enroll