The current threshold for VAT registration is £85,000 If you believe your turnover will exceed this you need to register for one of the VAT schemes and account for VAT to HMRC. However some people may not be aware that you can also voluntarily register for VAT but why would you do this ? When you register for VAT you need to add 20% to your selling price and account for this to HMRC but you are allowed to deduct any VAT you incur on goods and services you buy for your busines

If you have recently started in business or have been trading a couple of years you may well already be VAT registered or considering VAT registration – see my other article on voluntary registration – It’s quite possible that you incurred VAT on equipment products or services before you actually commenced trading is there anyway you can claim this VAT back ? The answer is yes and here is how it works. If you are already registered for VAT or are about to be then on your firs