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Should I register for VAT?

10/11/2014

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You are not legally obliged to register for VAT unless your turnover exceeds the VAT threshold (currently £81,000 during 2014).  Note that this turnover is calculated on a rolling 12 month period so it could be that you hit this threshold within a calendar year, if you think you might exceed this limit it is important to keep accurate sales records.    There might be advantages to voluntarily register for VAT, for example:  giving the impression to customers that your company is larger than it really is, or when claiming input VAT back on purchases may exceed output VAT on sales (eg zero or reduced rate sales).  IF you are at all unsure what’s best for you, you should always take proper advice.

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    Author: Catherine Wainwright

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