If your business can be classified under more than one sector because you provide different types of services or products, you'll then use the percentage that applies to the majority of your services or sales, and apply that to your total sales.
Let's say you're running a hair salon along with a restaurant. If 70% of your sales is derived from providing hair and beauty treatments, you'll then apply a VAT flat rate of 13% (for hairdressing and beauty treatment services) to your total turnover.
If your business can be classified under more than one sector because you provide different types of services or products, you’ll then use the percentage that applies to the majority of your services or sales, and apply that to your total sales.
Let’s say you’re running a hair salon-cum-restaurant business. If 70% of your sales is derived from providing hair and beauty treatments, you’ll then apply a VAT flat rate of 13% (for hairdressing and beauty treatment services) to your total turnover.
Our Ultimate VAT guide walks through step by step what you need to know about registering for VAT, how to pay your VAT, your filing responsibilities and how to de-register for VAT.
- What is VAT
- When to register for VAT
- VAT rates
- Exempt/ Out of Scope VAT items
- VAT filing responsibilities
- De-registering for VAT
Our Ultimate VAT guide walks through step by step what you need to know about registering for VAT, how to pay your VAT, your filing responsibilities and how to de-register for VAT.
- What is VAT
- When to register for VAT
- VAT rates
- Exempt/ Out of Scope VAT items
- VAT filing responsibilities
- De-registering for VAT
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