Becoming VAT registered is a big step when you run your own business. Help your business stay compliant, and learn more about how and when to complete your VAT registration, and what this means for pricing and tax efficiency.
Value Added Tax (VAT) is what’s known as a type of ‘consumption tax’ – a form of tax applied to eligible goods and services. Fortunately, not all businesses need to register for VAT – only those whose taxable turnover reaches the registration threshold. When a business reaches this point, there are several ways in which…
Knowing whether you need to register for VAT, and how it all works, can be daunting. It’s important to understand that registering for VAT is based on your business’s turnover, not on what type of business it is. So, whether you’re an individual sole trader, a limited company, something else or just starting out, we’ve…
Your unique VAT number is shown on the registration certificate which HMRC issue when your business becomes VAT registered. Once you receive your VAT registration certificate, you (or your agent) can create an online VAT account. What does my VAT reference number look like? If you have a UK VAT number it will be 9…
Current VAT rules require that a business to become VAT registered once it hits £90,000 a year in VAT taxable turnover. But, can a business register before that? The short answer to this question is yes. Businesses can register for VAT even if they haven’t yet reached the £90,000 registration threshold. Whether or not this…
