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VAT – what’s that? The no-nonsense guide for small businesses

VAT (Value Added Tax) – we know, it’s hardly an exciting topic (are you still with us?!) but it’s an important one to get to grips with. Many businesses find VAT confusing and worry about what they need to do in terms of notifying HMRC. That’s where we come in. We’re here to explain VAT and what it means for your small business by answering some of the most commonly asked questions (we promise it’s not as bad as it seems!). What is VAT? VAT is a sales tax added on to goods or services. VAT is most commonly charged at the standard rate - currently 20%, but in certain sales, the reduced rate or zero rate is used. How does VAT work? VAT is charged to your customers when they buy your goods or s

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