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TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 17112
Experience:  International tax
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Hi i'm close to the vat threshold. Business deals mostly with

Customer Question

Hi i'm close to the vat threshold. Business deals mostly with educational programs. How does the vat work for education is it still 20% or is it less. Also if i'm vat registered do i still pay tax as normal
Submitted: 3 years ago.
Category: Tax
Expert:  TaxRobin replied 3 years ago.
Hello and thank you for allowing me to assist you.
Yes, the standard rate of VAT increased from 17.5 per cent to 20 per cent on 4 January 2011.
Being registered for VAT does not change your income tax or how you pay.
If you’re a VAT-registered business you must report to HM Revenue and Customs (HMRC) the amount of VAT you’ve charged and the amount of VAT you’ve paid. This is done through your VAT Return which is usually due every 3 months.
The very basic concept is that if you’ve charged more VAT than you’ve paid, you have to pay the difference to HMRC. If you’ve paid more VAT than you’ve charged, you can reclaim the difference from HMRC.
You can read all about VAT by copying and pasteing the following:
Expert:  TaxRobin replied 3 years ago.
Hi Craig,
You did not say you needed more info.
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