new VAT limits

theGrinch

Does anyone the VAT limit for the new tax year?

the HMRC website wasnt much help!

Debras_Angel

The threshold for compulsory registration is £61,000


The threshold for voluntary deregistration is £59,000.

Cheers

Debs

jimclark1967

Taxable turnover limits from 1/4/06:

Registration - £61,000
Deregistration - £59,000

Annual accounting scheme - £1,350,000
Cash accounting scheme - £660,000 (no change)
Flat rate scheme - £150,000 (no change)

edit: beat me to it Debs!

JC

Debras_Angel

jimclark1967 wrote:

Taxable turnover limits from 1/4/06:

Registration - £61,000
Deregistration - £59,000

Annual accounting scheme - £1,350,000
Cash accounting scheme - £660,000 (no change)
Flat rate scheme - £150,000 (no change)

edit: beat me to it Debs!

JC

Jim,

Imprinted on my mind as I'm trying to keep below the registration limit!

Debs

babe_ruth_3

We currently pay our vat once a quarter on all sales and purchases. Can anyone tell me what scheme that makes us on? Ta

theGrinch

thanks one and all. if you are close to the VAT limit as an LTD can you receive payment direct to yourself from clients and account for it on your annual tax return?

I am about £58k in my LTD and I have one client which I will invoice for £5k. I was wondering if payment could be made to me.

Debras_Angel

Sorry can't help you on this one as not an expert, hopefully some of them will help you.

debs

Armadalebill

If you capture data for the quarter based on what is on till rolls or sales invoices and purchase invoices and go by the date on the document, you are on Date of Invoice or Accrual Accounting (standard accounting basically).

If you capture data based on when you pay or are paid, you're on Cash Accounting.

If you are a retailer, there are a number of schemes available. Check it out at https://www.hmrc.gov.uk and look for the publications library. Look for retail schemes.