VAT Registration In The UK: 5 Great Tax Tips As To Why You Should Do It!
Value-added tax (or VAT as it’s widely known) is an important concern for anyone running a business in the UK.
Businesses can sometimes overpay or underpay VAT. At Lawrence Grant, we are here to help with any questions you may have about this complex area of tax.
Here are my thoughts as to why it is a good idea to register for VAT.
First of all, VAT registration is legally required if your business has a turnover, or sales, of £82,000 or more over a rolling 12 month period.
If you receive goods in the UK from the EU worth more than £82,000 you must register for VAT.
It is also possible to voluntarily register for VAT, which many start ups choose to do. This is because it gives the outside world the impression of success and sales deemed to be at least £82,000.
Did you know that you can reclaim VAT from HMRC on certain purchases paid out prior to registering up to 4 years previously.
Finally, you might be able to benefit from the flat-rate scheme. You could pay a lower rate to the HMRC than you originally received from a client and pocket the difference, which can be quite significant.
VAT is a notoriously tricky area of tax. We have a team of VAT specialists on hand that can guide you through the process and ensure that you comply with all the regulations - so why not give us a call on 0208 861 7575.
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