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What does VAT Liable Mean?
Value Added Tax (VAT) is a tax that is applied to most goods and services in the UK and many other countries. This tax is charged on top of the purchase price and is used to fund government services. If you are a business owner, it is important to understand what being VAT liable means and how it affects your business.
VAT liable means that a business must charge VAT on the goods or services they sell. This means that the business must add the VAT rate to the price of the goods or services they are selling. The business must then pay this VAT to the government. The amount of VAT that a business must charge depends on the type of goods or services they are selling and the rate of VAT in the country they are selling in. In the UK, the standard rate of VAT is 20%.
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Being VAT liable also means that a business must keep records of the VAT they have charged and paid. This includes keeping records of all sales and purchases made, as well as any VAT refunds they have received. These records must be kept for at least six years. A business must also submit a VAT return to HMRC every three months. This return must include all the information from the records the business has kept.
Being VAT liable can be a complex and time-consuming process for businesses. It is important to understand the rules and regulations surrounding VAT and to ensure that all VAT returns are submitted on time. Failure to do so can result in fines and other penalties.
In summary, being VAT liable means that a business must charge and pay VAT on the goods and services they sell. They must also keep records of all sales and purchases and submit a VAT return to HMRC every three months. It is important to understand the rules and regulations surrounding VAT and to ensure that all returns are submitted on time.