VAT taxable turnover is the total value of everything you sell that isn’t exempt from VAT in a consecutive 12-month period. The current threshold for VAT taxable turnover is £83,000, you must register within 30 days of your business turnover exceeding the threshold. When the goods or services supplied by your business has a rate of VAT that is 0% or greater (5%, 20% etc.), then those values are taxable turnover. However, you can apply for Exempt VAT if anything you sell is exempt. Please seek further advice from our Professional Accountants team.
You should get a VAT registration certificate within 14 working days, though it can take longer.
VAT calculation starts from the date you registered with HMRC, usually you need to declare and pay quarterly. Our Professional Accountants team will assist you with the VAT calculation and declaration.
The above information and calculations are for illustrative purposes only. No liability is accepted by O’Brien S & Co Ltd for any actions or losses from investment in reliance on the information and calculations. Consult a qualified professional financial advisor before making any financial decisions. O’Brien S & Co Ltd holds the copyrights in all materials on the website. All rights reserved.