Should you register your business for VAT?

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Cheylesmore Accountants

• Should you register your business for VAT?

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Should you register your business for VAT?

• Many business owners generally misunderstand VAT.
  While some are obliged to register for VAT, while
  others can opt to do so of their own accord. So,
  why might registering for VAT be a good idea, and
  when should you register?

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What is VAT?

• VAT stands for value-added tax and it adds to the
  cost of nearly everything you buy in the UK. If
  you have a business, you may be required to
  register for and collect VAT. So it is considered
  a good idea to get a handle on what VAT is and
  how it works.

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How can VAT affect my business?

• You will need to send that extra money to HMRC.
• You may require to add VAT to your prices.
• You can request for claim back any VAT that
  youre owed on business supplies.
• How much is VAT?
• 20 VAT rate for most of the goods and services.
• 5 is the VAT rate to some energy, healthy,
  heating, and protective products and services.
• 0 is applied to a comprehensive range of
  products and services to do with kids clothing,
  health, building, and publishing.

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When do you have to register for VAT?

• When to register?
• You must go for VAT registration if your VAT
  taxable turnover goes over 85,000), or you know
  that it will. Your total VAT taxable revenue is
  the total of everything sold that is not VAT
  exempt. You can also register voluntarily.

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Compulsory registration

• You must register for VAT
• If you assume that your VAT payable revenue is
  going to be more than 85,000 in the next 30-day
  period.
• If your business had a VAT payable turnover of
  more than 85,000 for last 12 months.
• You may require to register in some other
  possible cases, depending on the kinds of goods
  or services you sell and where you sell them.
• If you will exceed the VAT threshold in the next
  30-day period.
• You have to do registration by the end of that
  30-day period. Your effective due date of
  registration is the date you expected, not the
  date your turnover went over the threshold.

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What happens if you fail for VAT registration?

• In some cases, if you fail for VAT register at
  the given appropriate duration, you could be
  bound for a late registration penalty charge.
  Ignorance is not an acceptable case to prevent
  penalty charges. The longer the duration that you
  have failed for VAT registration, the greater the
  charges will be. Moreover, a penalty could get
  canceled or reduced if you would be able to
  provide the proof of genuine reasons which
  prevented you from registration on time.

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Cheylesmore Accountants

• Ready for VAT register in Coventry? Well take
  you through each step, from what you need before
  you register to choose your accounting scheme and
  filing frequency.

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CONTACT US

• Contact Cheylesmore Accountants
• Info_at_cheylesmore.com
• Phone [phone]
• Address 6 The Mount Chyelesmore,
• Coventry, CV3 5GU
• Website https//www.cheylesmore.com

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