Forum

Vat registration

HAVING READ THIS ARTICLE JUST WONDERING ANY LEGAL ADVICE ON REGISTERING FOR VATHE BIT WHAT INTERESTS ME IS CONSECUTIVE YEARS ON TURNOVER EXCEEDS YOU NEED TO REGISTER, SO ARE THEY SAYING IF YOU GO OVER ONE YEAR YOUR OK ?????CAN I JUST ASK FOR EXCEPTION FOR 1 YEAR ???ANY VIEWS PLEASECompulsory registration: VAT thresholdA business must register for VAT if its taxable turnover for any consecutive 12-month period exceeds the VAT registration threshold. The current VAT registration threshold (from 1 April 2016) is £83,000 but this tends to increase every year.Another common reason why a business may be forced to register for VAT is if it takes over an existing business that is VAT-registered. The test is if the taxable turnover of the purchaser for the last 12 months added to the turnover of the business being purchased is over the VAT registration threshold – if the answer is yes, then the business is obliged to register.There is also an obligation to register if you think your business’ turnover will exceed the threshold within just 30 days, but for most businesses, this would not apply. There are other scenarios when VAT registration becomes compulsory, for instance if you are trading outside of the UK.Failure to register on time may lead to late registration penalties and/or ‘failure to notify’ penalties. What’s more, surcharges and interest are likely to be charged for late payment if the business has a VAT liability. If your business’ turnover exceeds the VAT registration threshold temporarily, you can ask HMRC for an exception from registration.

You need to be a member of Landscape Juice Network to add comments!

Join Landscape Juice Network

Email me when people reply –

Replies

  • 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.

    • PRO
      Why would you want to defer payment though Adrian? Surely better to be up to date?
      • 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.

        • PRO

          What VAT scheme do you use ?

        • PRO
          Maybe but I don't see the issue. It's not your money so keep it in a separate vat account and pay up when due.
          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
  • PRO Supplier

    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.

This reply was deleted.

Industry Jobs

Mechanic & Service Support Engineer

Working with a team of dedicated hard working enthusiasts in the Grass & Groundcare machinery industry the successful applicant will be responsible for undertaking the build up, pdi, servicing and repairs of a range of grounds machinery. With a range of ability’s and attributes allowing you to work under your own initiative diagnosing and repairing

Grounds Maintenance Operative

GROUNDS MAINTENANCE OPERATIVES Our client based on the beautiful Jurassic coast is a successful, growing and ambitious organisation providing grounds maintenance services across Dorset and landscaping and safety surfacing throughout the South West. They are a forward thinking company with innovative plans to develop in the future. They are looking to recruit a number of

HARD LANDSCAPE TEAM LEADER

We are urgently looking for experienced hard landscapers capable of leading a team and turning plans into finished gardens. Immediate start and good rate of pay for the right person. We are members of the Association of Professional Landscapers and a Marshalls registered installer so an eye for detail and top quality finish are essential.

Team Leader landscape maintenance

Landscape maintenance team leader working out of Rusthall in Tunbridge Wells. Great opportunity for career minded individual as future development for the right applicant is significant. You will be responsible for maintaining the landscaped areas around a number of commercial and residential sites throughout Kent and Sussex. Work to include grass cutting, hedge trimming, border

Latest blog post

PRO

How to Revive a Worn Out Lawn

Is your lawn weedy, mossy, baldy or just plain tired looking? In this blog we’ll show you how to revive your worn out lawn and make your neighbours turn green with envy.

 

Ireland is one of the best countries in the whole world…

Read more…
Comments: 0

Trade green waste centres

If you've received help from the Landscape Juice Network and you'd like to say thank you, why not make a small donation?

The site is maintained as an indpendent industry resource and it's become an essential tool for those working in the landscape industry.

Thank you

Phil Voice

Founder Landscape Juice

Make a donation

LJN Sponsor

Advertising

Blogs

PRO

How to Revive a Worn Out Lawn

Is your lawn weedy, mossy, baldy or just plain tired looking? In this blog we’ll show you how to revive your worn out lawn and make your neighbours turn green with envy.

 

Ireland is one of the best countries in the whole world…

Read more…
Comments: 0
PRO

In the first of a several part blog that we are writing, we will explain some of the terms that are often used in lawncare service leaflets and by contractors but many of you out there may not actually understand what they mean!…

Read more…
PRO Supplier

Nothing but MM50 for Sportsturf Management

Following a successful trial, Jamie Foyster - owner of Sportsturf Management, has now chosen to exclusively use Limagrain’s MM50 grass seed across every single cricket square he tends to.

It is safe to say that Jamie Foyster knows a…

Read more…