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vat advice

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hi
run a small business and just wondering about the vat threshold.
if let's say the last invoice of a financial year i was payed for took me over the limit would i then be liable to pay vat for all the income for any money earned in that financial year.
basically just wondering when i need to apply
many thanks

Comments

  • fengirl_2
    fengirl_2 Posts: 4,530 Forumite
    VAT does not work on financial years, but on 12 month periods. You need to be keeping a rolling total of your income covering the previous 12 months and once you reach the limit, then you register.
    £705,000 raised by client groups in the past 18 mths :beer:
  • JMW77
    JMW77 Posts: 825 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    What is the VAT threshold is it £65,000 ,i have been worrying about this myself ,i,m quite close i think?
  • fengirl_2
    fengirl_2 Posts: 4,530 Forumite
    It went up to £68k in the budget.
    £705,000 raised by client groups in the past 18 mths :beer:
  • If I am charged VAT by a builder, and I find out he isn't VAT registered, can I write to him and ask for the VAT element back?
  • fengirl_2
    fengirl_2 Posts: 4,530 Forumite
    Yes, in fact you shouldnt have paid him in the first place. I would also report him to HMRC as this is obviously a regular scam.
    £705,000 raised by client groups in the past 18 mths :beer:
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