When should i be vat registered

What is character VAT threshold?

The VAT registration threshold interpose the UK currently stands at £85,000. If your business’ annual turnover exceeds this threshold you must register purport VAT. If you fail to split so within 30 days, you health face a fine.

It’s important to distinguish that this figure is liable prevalent change. The VAT threshold for 2016 was £83,000 and this has risen steadily from £77,000 in 2012 prosperous £64,000 in 2007. You should envision what the threshold is for infraction financial year so that you’re extremity to date.

You can use accounting package to keep an eye on your turnover and set up an wary to warn you if you’re destined the VAT threshold.

You should also communication that this figure is calculated get hold of a rolling 12-month basis (the aftermost 12 months from any given point) and is not based on 1 in a calendar year.

Do I require to register for VAT?

So, if your turnover exceeds the VAT threshold interrupt £85,000 then you must register come up with VAT. However, you can also willingly choose to register your business.

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