When do you need to register?

If your annual turnover is £77,000 (April 2012) or higher then you will need to register.

Sometimes it may be beneficial to register for VAT even if your turnover is lower than this.

There are also several different VAT accounting schemes available and choosing the correct one needs careful consideration.

If you are VAT registered you must ensure that you file regular reports online and importantly on time, otherwise you may face penalty charges.

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