VAT Return

When should I register for VAT?

You should register for VAT if your sales are over £73,000 per accounting annum, or you can register voluntarily for VAT, even if your turnover is below the statutory registration threshold of £73,000 (2010/2011).

Your VAT registration can add credibility to your business, but it can also be advantageous if any of the following situations apply:

  • If the nature of your trade means that your costs or purchases include VAT
  • If most of your customers are VAT registered and can claim back the VAT that you have added to your sales
  • If your supplies are mainly zero rated for VAT purposes

However, if none of the above apply then it may be better to delay registration until you have to.

Please note you should never add VAT to your sales invoices unless you are registered - to do so is a criminal offence.

Avoid delay if you do need to register, otherwise you will incur penalties and interest charges, as well as having to account and pay over the VAT due from the time you should have been registered.

When meeting Saj for the first time I found her very approachable and professional at her job, she would go out her way to make sure you understood everything you need to do for your tax returns. I was glad she was recommend to me and I will continue to use her in the foreseeable future, I would recommend anyone in business to use her services.

Sharon Haldane

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