What is VAT?
VAT is an indirect tax that comes with the consumption of most goods and services. It is added at each stage of the supply chain and the amount paid is based on the amount bought. There are different rates of VAT that apply to different goods and services, there is the standard rate (23%), the reduced rate (13.5%), the second reduced rate (9%), the zero rate (0%) and the livestock rate (4.8%).
For a business to be successful it needs to have a strong VAT plan in place, this will help with savings and cash flow of the business. Depending on the business you may or may not need to register for VAT. However, any late VAT registration, returns or payment can lead to interest or penalties being charged. The Interest is charged on a daily basis and is at 0.0274%.
This is why it is important to keep on top of your VAT, here at TA Sheehan’s & Co we provide the necessary VAT services to ensure your business stays up to date on your returns and if you are a new company, we will monitor your business and inform you when your business becomes obligated to register for VAT.
VAT Services Provided
- VAT Compliance services
- VAT Registration
- Preparation of VAT Computation
- VAT Payments
- VAT Returns