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AF1 2018/19 > VAT > Flashcards

Flashcards in VAT Deck (1)
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Explain the process to register for VAT

*Where taxable supplies on a rolling 12-month basis are more than the VAT threshold (£85k)
*Must notify HMRC
*within 30 days of the end of the month in which the limit was exceeded
*If the value of taxable supplies to be made within the next 30 days is expected to be in excess of the threshold
*they must notify before the end of the 30 day period
*Or he could voluntarily choose to register even when he is not at the threshold
*Failure to notify HMRC in time may result in penalties