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
-
Reduce tax on your shared company car
If you and your spouse or partner work for the same business and you share a company car, you might be paying too much tax. Why, and how can you reduce it?
-
Latest advisory fuel rates for company car drivers
The amount that employees can be reimbursed for business travel in company cars changed from 1 September 2024. What are the new rates?
-
Boost cash flow with a CT refund?
Your company made a loss in its last financial year and is badly in need of an injection of cash. How can you turn the loss into a corporation tax refund, and what steps can you take to obtain this at the earliest possible date?