One of the decisions a business needs to make is whether or not to register for VAT.

If either your turnover of VAT taxable goods and services supplied within the UK for the previous 12 months is more than the current registration threshold of £83,000 or you expect it to be more than the threshold in the next 30 days alone, VAT registration becomes compulsory.

However, even if your turnover is below the threshold, you can still register for VAT on a voluntary basis so long as you meet the HMRC definition of a business as a continuing activity involving getting paid for providing goods or services either in money or another form of payment such as in-kind or barter.

In addition, HMRC operates a number of schemes to lessen the administrative workload of being VAT registered.

At CooperFaure, we can advise on what would be best for your business.