Once your business is VAT registered you must charge VAT at 20% on all of your supplies, unless you are supplying products or services that do not fall under the standard rate of VAT. More information on VAT rates can be found here: Value Added Tax Rates.
This means that VAT is added to everything that you invoice to your client, because your business is making a taxable supply. So if you buy a train ticket, which does not carry VAT at the point of purchase, the VAT status of that ticket does not matter; you must still add VAT to it if you intend to bill that on to your client.
Time, mileage and train travel are all components of your end product, upon which VAT is charged.
Why Integro Accounting?
Integro Accounting is the UK’s only specialist provider of fixed fee, limited company accountancy services for contractors, consultants and freelancers that was established to an award winning standard – our Practice Manager, Maria Williams, won The British Accountancy Awards’ ‘Accountant of the Year’ in 2011.
We were set up with the vision of providing a service that is the ultimate for the dynamic, busy professional of today in a language you understand.
Integro Accounting have designed a bespoke service for the contractor who is always on the go; never forgetting that one size will never fit all.
The relationship you have with your accountant is the most important factor in our service which is why we will always offer unlimited contact with your own personal accountant; whether that contact is via the phone, email or face to face.
We have our 3 offices located in London, the South-West and on the Bedfordshire and Buckinghamshire border. There are also meeting locations in many of the major cities and towns across the Home counties, South-West and South Wales, all conveniently placed so that you never have to travel far to meet your accountant.
If you have any questions about contracting or would like to find out more about how Integro Accounting can help you and business please call Christian on 01525 303984, email firstname.lastname@example.org or request a callback.