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You have to register for VAT before your turnover for the last 12 consecutive months reaches £83,000. It's best to get your accountant to register your business because there are schemes where you can pay a set amount every month (say £1000) and then pay any balance at the end of the next 12 month period.
Im not a tax expert by any means, but I do know that there are a range of schemes to make it easier to pay rather than to have to pay one very large sum every three months. This has the effect of smoothing out cash flow to some degree and you know exactly how much you need to pay every month. If you overpay over the 12 months, then you can reduce the following 12 months payments by a small amount, or increase it if underpaid. Best to talk to a professional Accountant.
What VAT scheme do you use ?
It's only like income tax I put a percentage of all takingbinto a separate account (i put 40%) away and it's always too much but that then becomes a bonus pot for new gear or even a holiday
Hi Chris. You're best of registering for VAT early as you can - in theory you're meant to do it when you 'think' your turnover will breach the £83k threshold. Records for appeals against late registration isn't hopeful, usually results in penalties/fines.
You can always deregister later if you want to.
Regards to the VAT scheme, as a small business best to go on the cash basis - you kick up the VAT on the cash that comes in that quarter, not the sales made.