Are you new to running a business? Well, if you’ve any questions about the VAT Registration threshold, or even just VAT, here at K.A.Farr & Co, we strive to help all our clients in every way possible so without further ado, we’ll jump straight into this one.
In order to give you more of an insight into what the VAT registration threshold is, we’ll give you an overview of VAT registration in general.
HM Revenue and Customs (HMRC) is who you must register for VAT with if your business’ VAT taxable turnover is more than £82,000. You can calculate your VAT taxable turnover here.
There is actually more than one VAT registration threshold dependant on what it is that your company does. The initial threshold is the one we mentioned earlier, if your turnover is more than £82,000 in any 12-month period then you have no choice but to register for VAT and this must be done by the end of the following month.
If your turnover
drops below £80,000, you can ask to de-register for VAT. Has your turnover dropped below the £80,000 threshold? If it has check out this page.
To find out more about the different VAT thresholds, check out this handy page on the Gov.uk website.
Do you have questions about the different VAT registration thresholds?
It’s probably better to talk to an accountant if you’re unsure about anything and here at K.A.Farr & Co Chartered Accountants, we’re happy to give a helping hand.
Don’t hesitate to contact us here at our Southport based office. You can give us a call on 01704 211434 and a member of our team will gladly help you with any questions you may have. Alternatively, you can email us directly on email@example.com.