Do you need to register for VAT?
Posted on 27th January 2023
This Week's Friday Tax Tip
The VAT threshold for the current tax year was once again frozen at £85,000, which led to more and more businesses finding themselves having breached the threshold.
A business is legally required to register for VAT if their turnover, during any 12-month rolling period, breaches the VAT threshold.
Should you breach the VAT registration threshold, you have to register for VAT with HMRC no later than 30 days after the end of the month in which you surpass the threshold.
If you have any further queries regarding registering for VAT, please get in touch with us.
For more guidance call the team at Holmes Accountancy on 01908 315716 or contact us here
The tax tip is provided for general guidance only; further advice should be sought, for specific issues.
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