Heighten Accountants
The term Value Added Tax (tax) refers to a consumption tax imposed on goods and services in the UK. It can be charged at different rates such as standard, reduced and zero-rated rates. Businesses that meet certain criteria must register themselves for VAT, charge it on sales and also submit regular returns to HMRC.
A private limited company, often referred to as a “Ltd” in the United Kingdom, is a popular business structure known for its unique legal and financial characteristics. In this context, the term “private” denotes that the company’s shares are not publicly traded on stock exchanges; instead, they are privately owned by a select group of individuals or entities.
The VAT registration system serves as a means for your businesses to comply with tax obligations and collect VAT on behalf of the government.
Under this system, businesses meeting certain criteria are required to register for VAT with HM Revenue and Customs (HMRC).
