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  Introduction: Value Added Tax (VAT) is a tax on the value added at each stage of production or distribution. It is a consumption tax that is applied to the sale of goods and services. VAT is an important source of revenue for many governments around the world. Businesses that are registered for VAT must comply with certain regulations and submit VAT returns to the tax authorities. FAQs: What is VAT filing, and why is it important? VAT filing is the process of submitting VAT returns to the tax authorities. It is important because businesses that are registered for VAT must comply with certain regulations and submit VAT returns to avoid penalties and fines. Who needs to register for VAT? Businesses that have an annual turnover of £85,000 or more (as of 2021) must register for VAT. However, businesses that have a turnover below this threshold can also register voluntarily. What are the benefits of registering for VAT? Registering for VAT allows businesses to claim back VAT on purc...