Is it beneficial to be VAT registered?
The 4 Big Benefits of Being VAT Registered.
There are four big benefits to being VAT registered that small businesses can voluntarily enjoy.
Presently, UK based companies only have to register for VAT if their turnover is £83,000 or more per year.
The current VAT rate is standard 20%, reduced rate 5%, and zero rates 0%
What are the benefits of registering for VAT?
Once a business is VAT registered it can charge VAT on goods and services sold to customers and also reclaim VAT charged on goods and services purchased for the business from other businesses, suppliers etc. VAT registration is therefore an important part of small business.
What happens if I exceed the VAT threshold?
If you’ll exceed the VAT threshold in the next 30-day period
You must register if you realise that your total VAT taxable turnover is going to be more than £85,000 in the next 30-day period.
How long does it take to be VAT registered?