Registering for VAT
It all begins with an idea.
When you have to register
If you supply services or sell goods that are subject to VAT you will need to register for VAT if your annual turnover exceeds £90,000. You must register if either:
your total taxable turnover for the last 12 months goes over £90,000 (the VAT threshold); or
you expect your taxable turnover to go over £90,000 in the next 30 days.
But you can volunteer
If most of your customers are registered for VAT and if a significant part of your costs include a VAT charge, you may want to register for VAT before your turnover reaches the £90,000 threshold.
The good news is you can…
What qualifies as turnover for VAT purposes?
Turnover for VAT purposes includes:
zero-rated goods
reduced-rated goods
standard-rated goods
goods you hired or loaned to customers
business goods used for personal reasons
goods you bartered, part-exchanged or gave as gifts
services you received from businesses in other countries that you had to ‘reverse charge’
goods and services which are subject to the ‘domestic reverse charge’
building work over £100,000 your business did for itself
What if you are late registering?
If you register late, you must pay VAT on any sales you have made since the date you should have registered.
Temporary increases in turnover
You can apply for a registration ‘exception’ if your taxable turnover goes over the threshold temporarily. Contact HMRC to request the VAT1 registration form. You will need to provide evidence showing why you believe your taxable turnover will not go over the deregistration threshold of £88,000 in the next 12 months.
HMRC will consider your exception and write to confirm if you get one. If not, they will register you for VAT.
We can help
If you are unsure if you should register for VAT please call so we can consider your options. Choosing the right course of action will not only satisfy the VAT regulations, but it may also affect your profits and cash flow.
Blog Post Title Two
It all begins with an idea.
It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, the way you tell your story online can make all the difference.
Don’t worry about sounding professional. Sound like you. There are over 1.5 billion websites out there, but your story is what’s going to separate this one from the rest. If you read the words back and don’t hear your own voice in your head, that’s a good sign you still have more work to do.
Be clear, be confident and don’t overthink it. The beauty of your story is that it’s going to continue to evolve and your site can evolve with it. Your goal should be to make it feel right for right now. Later will take care of itself. It always does.
Blog Post Title Three
It all begins with an idea.
It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, the way you tell your story online can make all the difference.
Don’t worry about sounding professional. Sound like you. There are over 1.5 billion websites out there, but your story is what’s going to separate this one from the rest. If you read the words back and don’t hear your own voice in your head, that’s a good sign you still have more work to do.
Be clear, be confident and don’t overthink it. The beauty of your story is that it’s going to continue to evolve and your site can evolve with it. Your goal should be to make it feel right for right now. Later will take care of itself. It always does.
Blog Post Title Four
It all begins with an idea.
It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, the way you tell your story online can make all the difference.
Don’t worry about sounding professional. Sound like you. There are over 1.5 billion websites out there, but your story is what’s going to separate this one from the rest. If you read the words back and don’t hear your own voice in your head, that’s a good sign you still have more work to do.
Be clear, be confident and don’t overthink it. The beauty of your story is that it’s going to continue to evolve and your site can evolve with it. Your goal should be to make it feel right for right now. Later will take care of itself. It always does.