Value Added Tax
VAT (value added tax) is a tax added to most products and services sold by VAT-registered businesses.
Not all businesses need to be VAT registered but it is very important to know when you need to be. If it is found that your business should have been VAT registered in the past, the VAT liability will need to be calculated from that historical date and could cause serious financial issues for a business.
From 1st April 2024 you must register your business for VAT if the ‘VAT taxable turnover’ is more than £90,000, calculated on a twelve-month rolling basis (up to 31st March 2024 the threshold was £85,000). You can choose to register voluntarily if your turnover is less than this. If you think your business might breach this threshold it is imperative that a monthly check is performed to keep an eye on what date to register for VAT from. You must register your business for VAT immediately if you anticipate reaching the threshold within the next month.
How can I help?
I can be your VAT agent and ensure you are complying correctly with VAT regulations. I can register/deregister you for VAT, advise which VAT scheme your business is most suited to (as there are numerous schemes), file your VAT returns and be on hand to answer any VAT queries throughout the year.
