Any business selling goods or services liable for Value Added Tax (VAT) can become VAT registered. You’re required to register for VAT if your turnover exceeds the threshold in the previous 12 month period, or you may wish to voluntarily register. There are benefits to voluntarily registering for VAT, although you then have the same obligations as anyone else who must register for VAT.
How do I register for VAT?
Whether you are registering for VAT voluntarily, or you have crossed the threshold and must register, you’ll need to complete and submit a VAT1 form.
This can be done online or by downloading a paper copy and posting the completed version to HMRC. Registering online tends to be more secure, faster, and offers on-screen help whilst completing the VAT1 form, and instant confirmation that HMRC have received your application.
Will I get in trouble if I don’t register for VAT?
If you exceed the turnover threshold in the previous 12 months of trading (or you expect to exceed it within the next 30 days), then you must register for VAT. Failing to do usually results in having to pay penalties on top of the VAT which is due.
Find out how our team of online accountants can help you and your business with your VAT responsibilities by calling 020 3355 4047, or using the Live Chat button on screen.
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I'm an experienced and fully AAT and ACCA qualified accountant, who is enthusiastic about helping business owners succeed.