If your business turnover exceeds more than £85,000 over a 12-month period, or if you expect to exceed that over the next 30 days, you will need to register for VAT. If you fall below that threshold, it may be beneficial for you to voluntarily register. Being VAT registered may add to your business’s professionalism. Also, if you make a lot of purchases, you may be able to reclaim the value of the VAT on these items. Accounting for VAT can be quite difficult depending on your business. What to claim and when can become quite involved if you wish to remain fully compliant with the ever changing legislation. Non compliance can lead to fines and lots of wasted time. A lack of understanding of the complex rules can lead to under or over payment, so a thorough understanding of VAT and accurate records are extremely important. BBS offer an extensive range of VAT services tailored to your needs. With the right support, you can rest assured that you’re meeting the statutory requirements and not paying any more VAT than you need to.
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