It's the responsibility of VAT registered companies to keep the financial record up-to-date and free from error. The financial record will be checked as evidence that company fall in the minimum annual turnover needs to register for the VAT. Those companies who doesn’t fall in minimum annual turnover criteria should also keep their record ready for any occasion for government to establish either they fall in VAT registration criteria.
VAT Registered Companies:
- Generally Charge VAT on it sales of goods and services.
- Can recover VAT paid on expenses raised for business purpose and for the purchase of goods and services.
It's the responsibility of VAT registered entity to submit the detail of VAT charges received through online VAT return submission. If entity charged more than paid it has to pay the difference to the government, if vice versa then can recover VAT from the government.
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