VAT Flashcards
1
Q
Explain the process to register for VAT
A
- Where taxable supplies on a rolling 12-month basis are more than the VAT threshold (£85k)
- Must notify HMRC
- within 30 days of the end of the month in which the limit was exceeded
- If the value of taxable supplies to be made within the next 30 days is expected to be in excess of the threshold
- they must notify before the end of the 30 day period
- Or he could voluntarily choose to register even when he is not at the threshold
- Failure to notify HMRC in time may result in penalties
