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When do I need to register for VAT?

Once your business has a taxable turnover for any consecutive 12 month period of over £85,000, it’s compulsory for you to register for VAT. This rate has been set to remain for two years from 1 April 2018 but it is possible for it to increase in future years.

If you don’t register within 30 days, you might face a considerable fine so it’s important that you register as soon as you have to.

What about when your turnover is below that figure? There are still reasons why you may want to register for VAT. Here’s a look at the pros and cons.

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