If you’re a sole trader or a Limited Company, and you are about to or are already up and trading, a common question that often arises is when must you register for VAT, that is Value Added Tax here in the UK?
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⏱️ Time Stamps:
0:00 - Opening and Introduction
0:55 - When must you register for VAT?
4:20 - When do you start charging VAT?
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When Must You Register for VAT?
Now this is where it can get a little tricky. Legally, you must register for VAT when either of the following criteria are reached:
★ Your VAT-taxable turnover [insert a definition of VAT taxable turnover] exceeds the current threshold of £85,000 on what is known as a 12 month rolling basis.
☆ You expect your VAT-taxable turnover to exceed the threshold in a single 30-day period
★ You are a UK business and exceed one of the distance selling thresholds on EU sales in the last calendar year
☆ You are a non-UK EU business and exceed the UK distance selling threshold
★ You are a non-UK business you intend to sell goods from a warehouse in the UK including dropshipping
You must start charging VAT from the first day of the second month after you exceed the threshold.
We hope this video will help you understand the lead up to, and when to register for VAT and taken you one step closer to knowing your numbers.
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Me & my team are dedicated to helping and empowering YOU to 'Know Your Numbers' so you can make calculated and informed decisions in your business, company and personal finances towards your definition of success.
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Our videos are for general guidance, education and empowerment in helping you understand accounting, tax and your numbers. They in no way constitute specific advice to your specific circumstances. Me & my team would be delighted to help you with your specific queries or accounting requirements through a formal engagement.
#vat explained #vat registration
