Value Added Tax (VAT) is something every growing business needs to understand. Here's your guide to VAT registration.
When must you register? You must register for VAT when your taxable turnover exceeds £90,000 in any 12-month period, or when you expect it to exceed £90,000 in the next 30 days alone.
Should you register voluntarily? Even if your turnover is below the threshold, voluntary registration can be beneficial. You can reclaim VAT on business purchases.
How to register: You can register online through the HMRC website, or your Clever Accounts accountant can handle the entire process for you.
VAT schemes: There are several VAT schemes available including the Flat Rate Scheme, Cash Accounting Scheme, and Annual Accounting Scheme.