Who needs to pay VAT?
At present, businesses with a taxable turnover of over £85,000 in a 12 month rolling period must register for VAT. This includes, Limited Companies, Sole Traders and Partnerships.
What about MTD?
The latest move towards digitalisation from HMRC is “MTD” or “Making Tax Digital”. From 1st April 2022 all VAT registered businesses must submit MTD compliant VAT returns, regardless of whether you are over the £85,000 threshold or not. We are fully geared up for this change, able to advise and support you on your options, taking the stress away from navigating this latest development.