|At Capricorn Accountancy we will ensure that your Monthly/Quarterly VAT returns are completed within the dates required using computerised Sage or a customised excel spreadsheet.
A business must register for VAT when their rolling annual turn over reaches £77,000 (As of April 2012)
For VAT purposes, the individual or organisation that is in business is known as a 'taxable person'. The different types of business that can register for VAT are.
Any other organization or group of people acting together under a particular name, such as an educational or health institution, exhibition, conference, etc
There are a range of VAT Schemes and we advise on the right for your business.
Who can't register for VAT
You can't register for VAT if any of these is true:
You sell only goods or services that are exempt from VAT;
You aren't in business according to the definition that HM Revenue & Customs (HMRC) uses for VAT purposes
On line completion of VAT
From 1 April 2010, businesses with an annual turnover of £100,000 or more (not including VAT) and all businesses newly registering for VAT, irrespective of turnover, will have to file their VAT Returns online and pay any VAT due electronically. For now this will not apply to you if you are already registed for VAT and have turnover under £100,000.
However, you should note that it's likely that all VAT-registered businesses will have to file their returns online and pay electronically by 2012, at the latest. So, you might want to switch to using the online service sooner - it will save you time and, in most cases, will give you a few extra days to submit your return and pay the VAT due.