You must register for VAT when your turnover for the previous 12 months has gone over a specific limit – called the ‘VAT threshold’. This is currently, fixed at £81,000, for the period of 2014/2015. You must register for VAT if your revenue has reached this threshold or if you believe your turnover will soon go over this limit.
Once you have registered, VAT must usually be charged on all sales.
Your invoices must include your VAT Registration Number and you must start to submit VAT returns to HMRC.
Why is it important?
VAT must be accurately accounted for throughout your bookkeeping and then a payment amount must be calculated and then paid to HMRC.
Late filing and inaccurate filing can lead to paying costly fines.
By employing the services of a professional, you can rest assured that VAT is being accounted and calculated correctly as well as on time.
What we do
We keep records of your income and expenditure throughout the year accounting for VAT and submit returns as and when necessary.
How we work
Every month we will collect your documents from you, update our records, and return your paperwork to you with a summary.
We will then use this information to submit your VAT Returns.