L2 VAT

VAT Registration
Chancellor sets Turnover LEVEL MUST REGISTER VAT each year, Budget
Bookkeeper checks this, informs Client approaching Threshold for Registration
£85,000 20/21 12 months; reach this, notifies HMRC to start Registration process

Register for VAT:
Individual, Partnership, Company, Club, Association, Charity, Named group (Conference, Exhibition, Trust, Educational, Health Institution), Local Authority - Taxable Person

Cannot Register for VAT:
Sell only goods/services Exempt from VAT, not in business defined by HMRC for VAT purposes

Registered:
HMRC provide VAT No. shown all documents, Date given to start charging VAT

Treatment of VAT
Register for VAT, collect on behalf of Gov. Quarter’s…