Business in Peterborough? Know the VAT Threshold…
Does Your Peterborough Business Know The VAT Threshold?
If you are running a business in Peterborough (or anywhere else in the UK), you’ll need to know about VAT rates and registration thresholds. Plus, there are also some VAT schemes that you could take advantage of to reduce all your paperwork and save you lots of time. You can only use some of these schemes if your VAT taxable turnover is below a certain threshold.
Calculate Your VAT Registration Threshold
Your VAT taxable turnover is the total of sales and certain other supplies you make that are subject to VAT, including supplies that are zero-rated. If you sell goods or services that are exempt from VAT they’re not subject to VAT and so they’re not part of your VAT taxable turnover.
If you’re in Peterborough business, you must register for VAT either yourself or via an experienced Accountant in Peterborough like Stonehouse, if your VAT taxable turnover for the previous 12 months is more than £73,000 (new budget as of 2011). This figure is known as the VAT registration threshold. The threshold changes – usually once a year announced in the Budget – so you should regularly check your turnover against the current threshold.
Does Your Peterborough Business Need Guidance Registering For VAT?
Stonehouse Accountants offer a first class Bookkeeping, VAT and Paye service. Call Stonehouse on Peterborough 01733 265888