For businesses with a turnover of £81,000 or more, VAT registration is compulsory. Due to the complexity of vat, some businesses may struggle to complete vat returns or under/over pay their liability, which may lead to fines and penalties.
There are some options you need to consider if registering for vat:
Quarterly or Annual Accounting
The standard way of reporting and paying vat is quarterly. Quarterly accounting means calculating how much vat you owe (or are owed) each quarter, making an internet return to HMRC and paying/receiving the balance.
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Chartered Institute Of Management Accountants
Practising Certificate Holder