New online VAT registration tool
A new online tool has been launched to help businesses understand the impact of being VAT registered. What’s the full story?
The latest interactive tool has been introduced by HMRC in response to feedback from small businesses. The new tool can estimate what registering for VAT could mean for a business. You must register for VAT if:
- total taxable turnover is over £90,000 (previously £85,000), or
- you expect your turnover to go over the VAT threshold in the next 30 days, or
- you and your business are based abroad, and you supply any goods or services to the UK (or expect to in the next 30 days).
Businesses can also register for VAT voluntarily if the above criteria aren’t met. VAT registered business charge VAT on eligible sales and reclaim it on eligible purchases, which can create an overall refund for some businesses. If you may need to register for VAT, or would like to understand whether it would be beneficial you can use the tool to estimate how much VAT might be owed or reclaimed by your business once you become VAT registered.
Related Topics
-
CT61
-
Repayment thresholds for student finance confirmed
Repaying student finance can seem complicated, with a number of different plan types each having different repayment thresholds. The thresholds for the forthcoming year have just been confirmed. What’s the full story?
-
Advance assurance pilot confirmed
There have been a number of changes to how research and development tax credits are claimed in recent years. HMRC has now confirmed that a pilot of a new clearance procedure will begin later this year. What do we know so far?