![]() Simply put, VAT codes identify how much VAT should be paid on the purchases of services and goods from your business. Learn more about what VAT is, how much VAT is, how to charge VAT and alternative VAT schemes for small businesses by checking out our article on everything you need to know about VAT □ Top Tip: Before diving into the complexities of VAT codes, you need to have a solid understanding of how VAT works. In this article, we’ll explain what VAT codes are, when exactly to use each code, and also provide a full list of commonly used VAT codes. ![]() Having a solid understanding of how VAT codes work (and how VAT works, in general) will help ensure smooth record-keeping and prevent any VAT related mistakes from being made. ![]() If you don’t have a clear idea of how VAT codes work, it could become more difficult to charge and pay the correct amount of VAT, which could leave your business liable to penalties and disrupt your cash flow.Īccording to a study done by Intuit QuickBooks, 19% of small business owners worry that they have missed something on their VAT return, while 18% are anxious that they have made a mistake on their return.Īlthough VAT related mistakes aren’t just limited to VAT tax codes, they are known to sometimes confuse business owners. ![]()
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