how much turnover before paying vat
How much do i have to turnover to pay vat? i want to know how much money i have to turnover before the vat man gets on my back.eport Abuse. You can register for vat at anytime... However once your turnover reaches or you expect it to reach 67k in one year you are legally obliged to register for vat. davetumalty Â· 8 years ago.
Value added tax is a tax levied by the government on sales of goods and services. All businesses which have an annual turnover of more than the current VAT threshold â currently Â£82,000 â must register for VAT and complete a quarterly VAT return.. Flat rate scheme. If your business has a turnover of less than Â£150,000 you can opt to pay VAT under the Flat Rate Scheme. The big advantage of this it is means you donât have to keep a record of the VAT you charge on every sales or pay on every purchase.