- VAT registration is required at a £90,000 turnover.
- Businesses must monitor their rolling 12-month turnover monthly.
- Hidden turnover elements can surprise businesses.
- Equipment rentals, personal use of assets, and zero-rated supplies count towards turnover.
- Overseas suppliers must register immediately without threshold protection.
- Late registration penalties range from 5% to 15%.
- Businesses have 30 days from month-end to register after breaching the threshold.
- VAT obligations start the following month.
- Expected turnover exceeding £90,000 within 30 days requires immediate registration.
- Exception relief may apply for temporary turnover spikes if future turnover is below £88,000.
- Proper planning helps avoid penalties and maintain customer relationships.
- Understanding obligations before reaching the threshold aids in preparation and communication.
Source: deeksvat.co.uk
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
