What is VAT and how do I register for VAT?
VAT is a tax on consumer expenditure and applies to most business transactions involving the transfer of goods or services. There are exceptions. If the value of your taxable supplies are over a specified limit, currently £64,000 per annum you are required to register for VAT. If you reasonably consider that your taxable supplies will exceed the threshold in the next 30 days you must register. If this applies you should register for VAT by completing the VAT 1 form and sending it to Revenue & Customs within 30 days of reaching the thresholds described. You may also complete the form online on HM Revenue & Customs website. Certain types of services or goods are not taxable and are know as exempt supplies. This includes for example insurance, loans of money, some types of education and some property transactions such as selling and leasing of of land with certain exceptions. If the services or goods for your business were all exempt you could not be registered for VAT. You can apply for
