When do I need to register for VAT?

You must register for VAT when your VAT taxable turnover exceeds the ‘VAT registration threshold’ of £83,000. This is calculated on a rolling 12-month basis and is not solely based on your year-end accounts turnover ... so please be aware of this! What happens if I don’t register in time? If you forget to register… Continue reading When do I need to register for VAT?

The importance of keeping your company statutory books up to date.

What are company statutory books? Statutory books are records about your limited company which are legally required to be kept and safely stored. The relevant documents are usually kept in a bound book or a ring binder. Alternatively, they can also be held in electronic format providing that you are readily able to obtain hard… Continue reading The importance of keeping your company statutory books up to date.

Voluntary VAT Registration

It is not compulsory to register for VAT until your annual turnover/sales reach £83,000. However, any business can register for VAT at any time. So why would anyone want to register for VAT and charge their customers an extra 20%? Do you sell to the general public? If so, registering for VAT is not for… Continue reading Voluntary VAT Registration

Sole trade vs. Ltd Company – What’s right for you?

Once you have decided to be your own boss, you then need to choose the best structure for your business. When considering whether to trade individually or through a company, there are many factors to take into account, be it tax implications, legal obligations or the amount of paper work that needs to be filed… Continue reading Sole trade vs. Ltd Company – What’s right for you?