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Online Glossary Helps Those Who Are New to the VAT Registration Process

As a company offering accountancy services and tax advice, we regularly hear from clients who are getting used to the idea of registering for VAT for the first time.  I have found that many people tend to fare better when they know the general terms that are used to describe how the VAT process works.

To this end I would recommend the online glossary that Revenue and Customs have created on their website.  It is split into twenty six sections, one for each letter of the alphabet, and as such I have found it very user friendly.  Although there is plentiful information in each section it is worth exploring the section beginning with V when you want to find out more about the terms used in VAT accounting and advice.

Many of those terms are listed here, with simple explanations as to what they mean.  It can help to return here often to remind you of the meanings of various terms, such as what VRN stands for.  For those who aren’t aware, VRN stands for VAT Registration Number – the unique number you are given when you first register for VAT.

I would say that if you are going to make use of this glossary you should make the effort to scan through the other pages as well.  You may find other terms that suddenly become clearer to you when it comes to other tax issues and concerns.  And of course you can always contact us here at St Matthew if you have any issues or enquiries to make regarding your business, tax affairs or company VAT status.  Use the contact us section above to find out more about getting in touch.


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