We also have experience of supporting clients through HMRC VAT inspections which can be a major distraction for business. To date we have never had HMRC find anything untoward with any of our clients and intend to maintain that record.
‘When should I pay VAT?’ is a common question. As a general rule of thumb HMRC guidelines state the following;
“If your turnover of VAT taxable goods and services supplied within the UK for the previous 12 months is more than the current registration threshold of £70,000, or you expect it to go over that figure in the next 30 days alone, you must register for VAT.”
However there are exceptions and your first place to find out more specific information is the HMRC Website. Click here for more information, or contact CJS Accounting Services to discuss your requirements.
VAT Changes from 1st April 2010
There are some important changes from 1st April 2010 that businesses need to be aware of;
“From 1 April 2010 many VAT-registered businesses will have to switch from paper to online VAT Returns. From that date, if your annual turnover on 31 December 2009 was £100,000 or more (exclusive of VAT) – or if you become VAT-registered on or after 1 April 2010 – you will have to submit your return online and pay VAT electronically.” Click here for more information from HMRC.