VAT registration: When to register – GOV.UK – When to register. You must register when you go over the threshold, or know that you will. The threshold is based on your VAT taxable turnover – the total of everything sold that isn’t VAT exempt. You must register for VAT if: your VAT taxable turnover is more than 85,000 (the ‘threshold’) in a 12 month period.

Do I have to register for VAT? If during the course of any 12 months, your ‘taxable supplies’ exceed the VAT registration threshold, you are legally obliged to register for VAT. The VAT registration threshold is set at 85,000 for the 2017-18 tax year (and will not change for two years from 1.

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The ONS recommended significantly reducing the threshold. Cutting it from 85,000 to 43,000 would bring up to 600,000 businesses into the VAT net. This would force new VAT registration and return administrative burdens on micro-businesses – including keeping digital records under the government’s 2019 Making tax digital proposals.

In its official submission to the government’s VAT call for evidence, IPSE warned against decreasing the current 85,000-threshold, as they believe that this would actively discourage the self-employed and many small businesses from growing beyond the threshold and provide EU businesses with an economic advantage.

Many small business owners operating below the VAT threshold have breathed a sigh of relief because they don’t need to do anything. However, it’s likely that HMRC’s final objective is that all but the.

From 1 April 2019, VAT registered businesses in the UK with a taxable turnover of more than 85,000 (over the VAT threshold) will have to submit their VAT returns using functional compatible software. Making Tax Digital for VAT is the first part of the scheme.

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Small businesses and VAT What you need to know. It is mandatory for any business to register for VAT if the income earned in any consecutive twelve month period exceeded or is likely to exceed R1 million .; Any business may choose to register voluntarily if the income earned, in the past twelve month period, exceeded R50 000.

VAT, or Value Added Tax, is a tax that is charged on most goods and services that VAT registered businesses provide in Ireland. VAT guide for small businesses contents vat guide for small businesses What is VAT? Unlike other taxes, VAT is collected on behalf.