U.K. Professional Clients
U.K. Private Customers
Scottish private company formation with the VAT registration number: if your limited company will have an annual VAT taxable turnover of £85,000 or more then it will need to be registered for VAT. Coddan can do this on your Scottish private company behalf and can act as your VAT expert.
VAT is currently charged at 20% for most goods and services. Some goods and services are charged at a reduced rate of 5% and others are entirely exempt. Examples of zero rated goods are most forms of food (excepting restaurants), children's clothes, books and prescriptions. If most of your turnover is zero rated then you may be able to avoid registering for VAT. You will have to apply to HMRC for an exemption in this case.
Bear in mind that you can offset the input VAT you have paid on your supplies against the output VAT that you have received from customers. Only the excess output VAT needs to be paid to HMRC. It generally takes about a month to register for VAT with HMRC, but it can take longer if HMRC wish to carry out additional checks on your application. Coddan charge £65.00 to prepare and submit an application for VAT registration on behalf of your Scottish limited company.