Do you need to register for VAT?
Your business must register for VAT if its previous 12 months turnover has exceeded £77,000. NB, this is the annual limit from 1 April 2012 and increases annually, to be announced in the Budget.
Your business must also register for VAT if in the next 30 days its turnover is expected to exceed the registration threshold.
Registering for VAT is quick and simple and must be completed online. Typically, VAT returns are required to be completed every 3 months and must be submitted and paid online via the HMRC website.
Remember to keep adequate records of your transactions to support your VAT returns. If HM Revenue & Customs chose to visit your business and check your records, you’ll be required to present these records for inspection.
For any VAT advice, registration or help preparing and submitting a VAT return, contact me