Your Complete Guide to VAT Registration | The Accountancy Partnership

VAT Explained For Dummies - A Beginners Guide To VAT

4 Easy Steps to Calculate your Tax & VAT from Bill.

Turnover Tax (TOT) is not a default or downgrade from VAT and it’s not automatically the next step just because your business hasn’t reached the VAT threshold. Here’s what many business owners don’t realise: • TOT registration is not mandatory • It was introduced for very small businesses that prefer a simpler tax route without bookkeeping or annual tax returns • Once you opt in, you must file and pay monthly and filing is required even with zero sales. When you understand how TOT actually works