Are you keeping on top of your VAT requirements?
We are now in the 2016/17 tax year, and it is important to periodically review the state of your business to ensure that you are registered for VAT if necessary, or if it is in your favour.
From 1st April 2016, you are obliged to register your business for VAT if your turnover exceeds £83,000 in a rolling 12 month period, or if you expect to exceed this threshold in the next 30 days.
There are some instances where it is in your interest to register for VAT, even if you have no legal obligation to do so. An example is if your business makes zero rated sales – Although the sales are zero rated, some overhead purchases will have 20% VAT on them, so registering for VAT will actually generate a refund!
Please contact us if you would like to discuss your VAT position in more detail.