LEARNING POINT - VAT

VAT Important Notes
Delivered by Rebecca of Coleman Bradshaw Accountants, Matlock

When do I register?
•30 days after your turnover in the past 12mths reaches £68,000
•Consider voluntary registering if you supply goods to other VAT registered businesses.

How do I register?
•Ask your accountant (they should offer) to do this for you
•On line
•Complete a VAT 1 form and post to HMRC

Up and coming VAT changes
•From April this year, traders currently registered for VAT, who have an annual VAT-exclusive turnover of £100,000 or more, will have to file their VAT returns online, and pay electronically. This applies to VAT returns for accounting periods beginning on or after 1 April 2010.
•Any traders who register – or should have registered – for VAT on or after 1 April this year – 2010 – will have to file online and pay electronically, regardless of their turnover.
•If you are VAT registered and did not know that the VAT rate increased back to 17.5% from 1 January 2010, you should seek advice from your accountant immediately.