.jpg)
Questions and Answers
VAT registration threshold
I’m a growing business and I’m aware that my turnover could mean that I need to register for VAT soon. Could you tell me what the threshold is please?
Since April 2015, the VAT registration threshold was £82,000.
As announced in the recent Budget, the VAT registration threshold from April 2016 will be £83,000.
If your turnover is hovering around the registration threshold, it is really important that you update your bookkeeping records regularly, so that you can quickly identify when your turnover breaches the threshold. That way you will register on time and not incur any late registration penalties. And you can start accounting for VAT, so you’re not facing any large, backdated payments to HM Revenue & Customs.
If you would like any advice or help regarding VAT registration, the VAT schemes available to you and how to manage your affairs once you become VAT registered, please do not hesitate to get in touch with us. We can put you in contact with your local TaxAssist Accountant that would be happy to help.
Date published 1 Apr 2016
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
Local business focus
We specialise in supporting independent businesses and work with 100,000 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
Come and meet us
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 409 locations, meet with us online through video call software, or talk to us by telephone.
Switching is simple
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.