Are you currently in business? If so, should you be VAT registered?
For many businesses, being VAT registered can be advantageous, depending on the type of business you have and your client base. The current VAT registration limit is £83,000. This means that if your turnover in the previous 12 months reaches this, or you expect it will within the next 30 days, registration becomes compulsory. You then can’t deregister until your turnover is below £81,000, again for a 12 month period. Failure to register on time can result in penalties being applied by HM Revenue & Customs.
The government website has more information on this, www.gov.uk/vat-registration or contact Gillian Wayne on Tel. 01324 441258 or email email@example.com