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VAT (Value Added Tax) is a tax added to almost everything we buy. If a business has an annual taxable turnover exceeding £85,000, they must become VAT registered. Once registered, the business is responsible for charging the correct rate of VAT on their products and services as well as recording the VAT paid by the business.
Find out more about VAT for your business; do you need to be registered? What are the different VAT rates and schemes available for businesses?