VAT Registration

VAT registration is the way toward posting your business with the government as sales and active in production. After a business registers for VAT, it’s ready to recover any VAT paid on organization buys and gets liable for:

Charging VAT on any merchandise or administrations sold
Paying any VAT because of HMRC
Submitting VAT Returns
Keeping VAT records and a VAT account.

Register for VAT

Organizations enrolled for VAT will be given a one of a kind VAT enlistment number. This number ought to be remembered for deals solicitations and is required for the converse charge method for available deals between EU nations. In the UK, organizations with a turnover of more than £85,000 are needed to enlist for VAT. Your taxable turnover is the all-out estimation of all available deals you make all through the duty year. Deals that are excluded from VAT don’t check towards your taxable turnover.

The VAT threshold, otherwise called the VAT registration threshold, is the measure of cash you can win before you have to enrol for VAT. You should enlist for VAT if:

You anticipate that your VAT available turnover should cross the VAT enlistment edge inside the following 30 days, or;
You have earned more than the VAT edge over any year time frame.
Remember that this year time span doesn’t need to line up with the expense year, so you ought to consistently check whether your VAT available turnover throughout the previous a year has crossed the current VAT enrollment edge.

In the UK, the VAT enrollment threshold is at present £85,000 (2020), and the latest UK VAT threshold are:

2014-2015: £81,000
2015-2016: £82,000
2016-2017: £83,000
2017-2020: £85,000

Looking for some guidance with VAT? Look no further and get in touch with us! Accotax is one of the finest accountancy firm in UK, from VAT registration, VAT registration threshold to HMRC VAT registration we shall assist you from the beginning till the end.