FAQ: Is it necessary to register for VAT?

Registering for VAT is compulsory if your turnover exceeds £70,000 (2010) in any 12-month period. There are circumstances where you might wish to register for VAT voluntarily, for example if you are considering purchasing substantial capital items where VAT is applied. There are a range of schemes to help aid small business cash flow but these have strict rules. From April 2010 HMRC are introducing compulsory filing and payments for existing registrations where turnover exceeds £100k per annum and for all new businesses registering for VAT for the first time regardless of turnover.

For more information and an indication of whether it might be worthwhile to voluntarily register or to dicuss your circumstances view the HMRC videos & documents in the Business Information & Downloads section click here or contact a BSYNY Business Support Specialist.