| Calculating Vat Advice | | | | an office that can assist you. |
| National Advice Service can answer your general | | | | Calculating VAT |
| questions regarding calculating VAT deficits or | | | | Calculating VAT depends on a number of factors. |
| overpayments, rules, procedures, disclosure of | | | | Your business must charge VAT at one of three |
| confidential VAT information, VAT rates and | | | | rates (standard, 17.5 per cent; reduced, 5 per cent |
| publications. Additionally, the National Advice Service is | | | | and zero rate, 0 per cent.). Additionally, your business |
| able to assist you with air passenger duty, insurance | | | | is charged a VAT rate, typically the same rate that |
| premium tax, rebated oils, aggregates levy and | | | | you must collect. The difference between the output |
| money laundering regulations. | | | | and input taxes are what you must pay HMRC upon |
| What they cannot offer is advice or assistance | | | | your annual return. |
| clearing a VAT or other tax debt, the VAT | | | | If your taxable turnover is less than ₤55,000 |
| registration process or enquiries about specific VAT | | | | annually, you need not worry about calculating VAT. |
| transactions. | | | | This is because businesses turning over less than |
| You can reach the National Advice Service in a | | | | ₤55,000 per year are exempt from VAT |
| number of ways. Call their helpline at 0845 010 9000. | | | | registration. You may wish to register voluntarily if |
| If you would like to speak to someone in Welsh, call | | | | you believe there your turnover might exceed |
| 0845 010 0300 Monday to Friday from 8am to | | | | ₤55,000, the fee for not registering is steep. |
| 6pm.Interpretation services are available for those | | | | VAT as an Expense |
| who do not speak English as their first language, | | | | Some business situations allow the business owner or |
| simply tell the advisor when you call. Textphone | | | | accountant to calculate VAT as an expense of the |
| service is available if you have hearing difficulties at | | | | business. To calculate VAT as an expense, the total |
| 0845 000 0200. | | | | VAT paid to C&E during the assessment period |
| Your VAT registration number and postcode should | | | | must exceed the total VAT received from C&E |
| be available before you call; you will need both of | | | | in the same period. The excess of VAT paid is |
| these records to receive accurate advice. Select | | | | considered an expense. |
| option one if you have lost your VAT return form | | | | Should the situation be reversed, and the total VAT |
| and do not require additional assistance. Select option | | | | received from C&E during the assessment |
| two if you require VAT or Intrastat publications or | | | | period exceeds the total VAT paid to C&E |
| advice. Option three will route your call to an advisor | | | | during the same assessment period, the refund is not |
| of Excise and Customs taxes as well as landfill tax, | | | | counted as a business earning. |
| climate change levy and another tax categories. You | | | | Expert Advice |
| will be directed to a VAT advisor if you do not make | | | | Ideally, you should speak to your tax consultant |
| a selection. | | | | before making any changes to your tax calculation |
| If the advisor is unable to answer your VAT | | | | methods. A tax consultant should be able to offer |
| question, he or she will re-route your call to the | | | | advice accurate for your special needs. |
| appropriate office or offer the telephone number of | | | | |