waqarakram007

LISTEN Everyone. I am Associate Certified Chartered Accountant from UK. i have passed two papers about Taxation(UK). my reply is just to clear your concept about VAT Tax on freelancing income. freelancing income is transfer into your bank account at the end. either you earn from fiverr or at any other website. if your transfer income is more than 85000 Pound. then you must have to pay VAT. the thing is separate which rate is chargeable on your earning. FOLLOWING steps will be taken your personal Accountant on behalf of you if you are not very much familiar about accounting and Taxation. 1)- The procedure to register for VAT in HMRC. HMRC is regulatory Tax Authority in UK. 2)- Monthly income transaction bookkeeping. this is now a day mostly in Quickbooks and XERO Accounting software. the benefit of this software is it can connected to your bank account which is helpful to record and maintain your bookkeeping and HMRC is recommend Quickbooks and XERO. because both can connected your VAT Account and we can submit VAT return easily. you can ask any other question. 🙂