Vat Registration

VAT notoriously holds many questions for businesses and its owners, let us provide the answers.

• WHEN DO I CONSIDER REGISTRATION? If your business’ annual turnover exceeds £90,000 over a 12-month period or is set to pass the threshold in the next 30 days.
• SHOULD I REGISTER IF UNDER THE THRESHOLD?
  • BENEFITS:
    • Claim VAT on certain items purchased
    • Large potential customers may only deal with VAT registered suppliers.
    • Investment in future capital expenditure in the business becomes cheaper through the recovery of input VAT
    • Enhance business profile
  • DISADVANTAGES:
    • Charging of VAT on sales to non-registered businesses
    • Time and resources required to maintain records and prepare VAT returns
• WHAT DOES MAKING TAX DIGITAL MEAN TO ME?
  It is now a mandatory requirement for all VAT registered businesses to comply with Making Tax Digital for VAT rules in maintaining records and filing VAT returns.  HMRC may impose penalties if these rules are not adhered to.

We can advise you of ways to manage and potentially reduce tax payable, remind you of upcoming deadlines, file your VAT returns with HMRC and provide a fixed fee quote with no surprise charges.