What has changed
You must register for VAT once your taxable turnover passes 90,000 pounds in any rolling twelve month period, or if you expect to within the next 30 days. It is the rolling total that matters, not your accounting year.
Who it affects
Growing businesses approaching the threshold, especially those who only check turnover at year end.
What you should do
Monitor your rolling twelve month turnover monthly, and plan ahead for registration, including which scheme suits you. If most of your customers are businesses, voluntary registration may even help.
Our view
Most businesses that register late simply were not watching the rolling figure. We monitor it for clients so it is never a nasty surprise.
Common questions
Who does this affect?
Growing businesses approaching the threshold, especially those who only check turnover at year end.
What should I do about it?
Monitor your rolling twelve month turnover monthly, and plan ahead for registration, including which scheme suits you. If most of your customers are businesses, voluntary registration may even help.
Can TaxTune help me with this?
Yes. Tell us your situation through the quote builder or book a free call, and we will explain exactly what it means for you and handle it if you would like.