VAT Turnover Check

HMRC May write out of the blue just to enquire whether a business is operating or close to the VAT Threshold

The Threshold for turnover/sales is £90k 💲 and businesses are encouraged to consider registering a bit earlier if closer to the threshold

For a growing business or a business with just a few transactions but of high value and operating in a business, which, is not VAT exempt should monitor their

🗓️

Weekly

Monthly

Quarterly

Annual

Sales

Having an up to date and more of a software or cloud based system to monitor is better than say a manual book as then a business can monitor regularly and in real time 🕰️

If you would like to learn more about VAT or feel like that your business should consider registering for VAT as Mandatory due to high turnover then please feel 🆓 to reach out

There is the option to register voluntarily even if your business is below the threshold if you have many expenses to claim VAT upon

Registering on time 🕰️ will avoid any late penalties and interest

It is important to have the ✅ systems in place to file

HMRC can go back usually up to 4 years for the VAT Inspection