Any company which provides goods or services that are classified as taxable supplies must be registered for VAT, or Value-Added Tax, provided that its turnover reaches the VAT threshold (for instance £81,000 in the UK).
The world of VAT has been in constant change since the start and there is no sign of status quo anytime soon. What is the future of VAT?
VAT hasen’t been around for that long. In the early 20th century, two people proposed independently of each other the idea of consumption tax managed by companies and organisations.