VAT
While VAT creates additional paperwork, it can also reduce your costs by allowing you to reclaim the VAT you pay on your business purchases. Many businesses have no choice but to register for VAT once their sales reach £85,000 a year.
You need to understand whether you can or should register for VAT, and what you must do as a VAT-registered business, especially if you fall within the requirements of the HMRC "Making Tax Digital" initiative. You may be able to simplify your VAT requirements by using an appropriate VAT accounting scheme.
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