Are you confused about VAT? Many small businesses are. It is one of the more complicated tax areas simply due to the bewildering number of rules out there. And when you don’t even know what the VAT threshold is you can really feel out of your depth.
I blogged for Sage a couple of years ago on some of the benefits and downfalls of registering for VAT, and even on that small area there are so many different things to consider.
If you are looking for a run down of the 5 key steps to get you started then Sage have produced another of their fab infographics. Have a read through – it includes a run down of the main VAT schemes which are there to make your life easier but not widely understood. And of course the all important VAT threshold, which at the time was £79,000 (2013-2014 tax year) and is now £85,000.
This infographic was produced by Sage