If you’ve reached the £85k turnover threshold (the VAT threshold for the 2017/18 tax year), or you’ve opted to register early, you now need to register for VAT with HM Revenue & Customs (HMRC).
You have two choices:
- Appoint an accountant to register for you – they’ll do this online as your tax agent
- Do it yourself and fill out the VAT registration form, VAT1 form – you can do this online through the HMRC online portal here.
The best option is to get your accountant to do it. They’re experts in tax, so you know everything will be done correctly and through your accountant as a tax agent. You also remove the hassle and stress of doing it yourself, and possibly making a mistake.
If your situation is outside of the norm, you may have to fill out an additional form – for example, if you’re a partnership, if there’s land involved or if you’re looking at the flat-rate VAT scheme etc.
If you’d like us to help with your VAT registration, give us a call on 01454 300 999, or drop an email to info@fd-works.co.uk
Find out more about the FD Works’ approach to finance at fd-works.co.uk