The Standard VAT Scheme allows you to claim back any VAT you have incurred on expenses.
For instance if you were to buy a computer costing £1,200 the first £1,000 of this is the fee paid to the shop for the computer with the additional £200 being the VAT that the shop will then pay to HMRC. You would then be able to claim this £200 back from HMRC when you file your VAT return.
When you join The 123 Way we will review your business and offer you advice on VAT registration. We will then register you for VAT if you are not already registered and prepare and submit your VAT returns each quarter.
This information is for general information only. We take no responsibility for any action taken or refrained from in consequence of its contents. Always seek our professional advice specific to your circumstances before acting.