VAT Registration threshold jumps to �77,000

One titbit from Wednesday’s 2012 Budget that slipped under the radar was a bump in the VAT registration threshold from �73,000 to �77,000 on April 1st. The change will be of interest to freelancers approaching the threshold as they can now wait a little longer to arrange their registration. A quick reminder of how VAT registration works: Turnover is calculated on a rolling basis, so you’ll need to register if your turnover has gone above �77,000 in the last twelve calendar months You can choose between the basic VAT scheme or the flat-rate scheme (The flat rate scheme is designed to simplify things for small businesses and provides flat rate payments which vary by industry. The flat rate scheme can be advantageous so speak to your accountant!) All VAT is now filed online (more information here) Registration is compulsory once you reach the registration threshold, but you can register at your own discretion before that point (again, it could be advantageous so speak to your accountant!) VAT Registration applies to Sole Traders and limited companies alike The Treasury says the rise is in line with inflation, and has also raised the�deregistration�threshold from �71,000 to �75,000. Photo by�Okko Pyykk�

Source: http://www.freelanceadvisor.co.uk/money/vat-registration-threshold-jumps-to-77000/

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