VAT registration occurs when a business has reached the threshold of £85,000 income a year. This is calculated off the turnover of a business, not the profit calculations. Once a business has reached this point, they have a legal obligation to register their business for VAT with the HMRC.
When a business is registered for VAT, they must pay VAT on all products or services that they provide, which are eligible for VAT. It is possible for a business to register with the HMRC for VAT before such a point that they reach the threshold. This is a choice that has both positives and negatives.
VAT REGISTRATION SUPPORT
Voluntary value added tax registration is an important decision that can help a business progress, but many business owners often find themselves confused with the new and complicated procedures. This is similarly the case with businesses that have reached the threshold and are obliged to register. Registering for VAT comes with many additional requirements for a business, which is why so many businesses enlist the initial and ongoing assistance of a trained VAT accountant.
The VAT areas that we can assist your business in, include:
At Accountancy solutions, we are on hand to provide support and assistance throughout the important registration process. We can assist in ensuring that all your paperwork is prepared, correct, and accurately reflects your output taxes and input taxes.
For ongoing support, we can ensue that you get the full benefits of VAT registration and handle the downsides of increased paperwork. We can also manage the potential cost increases of some services, by accurately reflecting your finances in your self-assessment. For expert accountant assistance, don’t hesitate to contact our team today.