Do you pay vat on profit or turnover

    when should you register for vat
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    when do you register for vat
    when do you register for vat in south africa
  • When should you register for vat

    • What is the vat threshold

  • What is the vat threshold
  • Pros and cons of being vat registered
  • Vat registration check
  • Benefits of being vat registered
  • Voluntary vat registration

    • Vat registration check.

    When should you register for VAT?

    So, how much do you have to earn to be VAT registered?

    In the UK, you need to register your business for Value Added Tax (VAT) if your VAT taxable turnover exceeds £85,000.

    Once you have registered, HMRC will send you a VAT registration certificate, confirming:

    • Your VAT Number
    • When to submit your first VAT Return and payment
    • Your 'effective date of registration'

    You cannot charge or show VAT on invoices until you know your VAT number, but you may still need to pay VAT for this period, so gov.uk recommends increasing your prices to allow for this.

    You should explain what is happening to your customers, and plan to reissue the invoices showing VAT once you have your VAT number.

    From your effective date of registration, you will need to:

    • Charge VAT correctly
    • Pay any VAT that is due
    • Submit VAT returns
    • Keep VAT records and use a VAT account
    • Follow HMRCs Making Tax Digital for VAT rules (in most cases)

    Why not read this guide to Making Tax Digital for more help on this important topic?

    There's also tax responsibilities for start-up busi

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      when should one register for vat