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Many companies question whether they should register for VAT or not. In this blog, I discuss what VAT is as the benefits and drawbacks of being registered. VAT is a minefield and raises many questions, so I have put this blog together to help you decide whether or not you should register for VAT.
If you are business and expect your turnover to exceed the VAT threshold of £85,000 you must register for VAT. Smaller businesses who do not expect to exceed the threshold still have the ability to register for VAT.
If your business is a B2B your clients will be able to reclaim any VAT you charge them when they complete their VAT returns. It also means expenses you incur will also become 20% cheaper because you can reclaim the VAT, you can claim VAT back on meeting rooms, VOIP phones, stationary.
As a business you can apply for VAT at any point, registration varies for businesses depending on turnover and types of clients.
If you are a VAT registered business, you must keep all your sales invoices and they must include a VAT number and registered address in the set VAT format. All purchase and expense invoice’s regardless to whether they include VAT or not must be kept for a minimum of 6 years.
Making Tax Digital (MTD) means all VAT registered business will have to keep their financials in an electronic format. This can be done by using bridging software that syncs with the HMRC portal. This must be done by the 1 April 2019.
If you would like assistance choosing the correct VAT scheme to suit your business or if you need assistance with quarterly VAT reporting contact us on 01295 477 250 alternatively you can email firstname.lastname@example.org.