VAT Returns

The registration threshold for registering for VAT from 1st April 2017 is £85,000.

It is important to monitor your previous 12 months sales if you are near to the threshold so that you are aware when you need to register. If you exceed the threshold without having registered, you will not only face penalties for late registration, but will also have to account for the VAT on sales after the threshold was exceeded. It can take around a month for HMRC to issue a VAT registration so it is important to remember that VAT must be accounted for 30 days after the threshold is exceeded.

TT Accounting can assist you with the registration process and submit returns as required which will usually be quarterly. You may also like to consider using TT Accounting for your bookkeeping needs to ensure your books are up to date with the infomation readily available for preparing the VAT Return which now has to be submitted online.

VAT can be a complex area and it is better to take advice than to make expensive mistakes.