By Michelle Morris on 08/07/2020 12:35:00

Do I have to register for VAT?

You have to register for VAT with HMRC if your taxable turnover goes over £85k in any 12 month period.

This is one thing we will always ask you to keep an eye on yourself, because it's for ANY 12 month period. If you come to us once your year has ended, but you went over the threshold before that, then it'll be too late and you're in trouble with Mr. VAT, and he is the scariest one of them all (sorry Mr. VAT if you are reading this, love yoooouuuuu!).

So - add up your turnover for the last 12 months, every month, and when you get near that £85k it's time to think about VAT registration! You have 30 days to register when you go over.

By Michelle Morris on 08/07/2020 12:35:00