Wednesday 17th April 2024
When To Register For VAT:
You must register if:
Your total VAT Taxable turnover for the last 12 months was over £90,000 (the VAT Threshold).
You expect your turnover to go over £90,000 in the next 30 days.
You must also register for VAT if:
You’re based outside of the UK
Your business is based outside of the UK
You supply any goods or services to the UK (or expect to in the next 30 days)
How To Calculate Your Turnover
Your turnover is the total value of everything you sell that is not exempt from VAT. It also includes:
Zero-rated goods
Goods you hired or loaned to customers
Business goods used for personal reasons
Goods you bartered, part-exchanged or gave as gifts
Services you received from businesses in other countries that you had to ‘reverse charge’
Building work over £100,000 your business did for itself
What You Need To Register For VAT
For a Limited Company you’ll need:
Your company registration number
Your business’s bank account details
Your Unique Taxpayer Reference (UTR)
Details of your annual turnover
You will also need information about:
Your Self-Assessment
Your Corporation Tax
Pay As You Earn (PAYE)
For an individual or as a partnership you’ll need:
Your National Insurance number
An Identity document, like a passport or driving license
Your bank account detailsÂ
Your Unique Taxpayer Reference (UTR), if you have one
Details of your annual turnover
You will also need information about:
Your Self-Assessment return
Payslips
P60