When you registered to become VAT registered you will have the option to choose the Flat Rate Scheme. It is worth considering whether this is a suitable scheme for your business because their are benefits to using it in your first year of VAT registr…
Several years ago a business was put in touch with me about their VAT situation because they had been told by their accountant that they did not need to be VAT registered.
Many business owners will not realise they have a choice of VAT scheme to use for recording and reporting VAT to HMRC. Before you register initially
When you first become VAT registered you can choose which VAT scheme to use when reporting VAT. Whilst you can change this at a later date HMRC would not want you to keep changing from one scheme to another.
HMRC have increased the threshold for VAT registration to £83,000 for the year 2016-17. The threshold was £82,000 for 2015-16.
If your turnover will reach this threshold over a 12 month period then you must regis…