News

VAT registration

27 - 04 - 2021

Will my company need to be registered for VAT?

Businesses with a turnover greater than £85,000 MUST register for VAT,

However, anyone can voluntarily apply to be VAT registered.

 

While you don’t necessarily need to register for VAT there can be considerable financial advantages to voluntary registration.

 

Standard VAT registration allows you to reclaim VAT on the purchases you make, against the VAT on the services or goods that you sell.

As an independent consultant or contractor, it is unlikely that you will have a large amount of VAT on purchases, so you may wish to consider applying for the Flat Rate VAT scheme.

 

 

 

 

If you would like to discuss any of the issues noted above,  please contact us on:

 

01244 625 500 or 01978 364 000

contactus@foremansllp.com

 

Whilst all due care and attention has been taken in the preparation of these notes no liability can be accepted for any omission or item contained therein.

 

Foremans LLP

April 2021