The registration threshold is not based on your business financial year or the tax year, it is based on a rolling twelve months.
If you know that your turnover of vatable goods and services will reach the registration threshold in the next 30 days, you must register for VAT, however if your turnover has gone over the registration threshold temporarily then you may be able to apply for exception from registration.
The annual limits can be found at www.gov.uk/vat-registration-thresholds
As a business you may elect to register for VAT at any time even if you have not reached the registration threshold. There are few exemptions from registration.
VAT is a complex area and the penalties can be significant if you get it wrong. GeStep Ltd can help make sure that you remain compliant.
There are many different VAT schemes and combinations of VAT schemes available. We can advise you on the ones which apply to your business.
If you’d rather spend less time worrying about VAT or are currently having a VAT Inspection then why not contact GeStep Ltd and let us help you.