Vat registration threshold

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    • Do you pay vat on profit or turnover...

    How, when and why your business needs to register for VAT...

    Most business owners already know the threshold for compulsory VAT registration is a taxable annual turnover of £85,000 - but there is often confusion over exactly what counts towards this figure, and how and when a business should register.

     

    In this blog post, we’ll outline the requirements for VAT registration in a little more detail - answering some of the most common questions small businesses still ask about VAT…

    1) Do I need to register for VAT?

    You are obligated to register for VAT if your business records a VAT taxable turnover of more than £85,000 over any 12-month period.

     

    VAT taxable turnover is the total of all goods and services you’ve sold that are not VAT exempt, so includes the sale of zero-rated items (such as most food products, books, newspapers and other items that are charged at 0%).

     

    Crucially, the threshold applies to any rolling 12-month period, not necessarily to your accounting period, calendar year or the tax year. 

     

    Your annual reports therefore

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