Vat registration help !! 1 st year of business

Discussion in 'Accounts & Finance' started by topgear13, Sep 9, 2019.

  1. topgear13

    topgear13 UKBF Newcomer Free Member

    2 0
    Hi guys I’m a newbie and looking for help

    I’m in a service industry and my accounts are straight forward I invoice 2 companies and pay out to one company

    at the start I registered for vat mistakenly thinking I had , I registered and deregisred at £10k.

    My end of year is in 2 weeks and I’ve hit £80k.

    Obviously want to avoid the threshold does the initial £10k come into play.

    I had look on hmrc website and see u can get a temp exclusion. , I will not hit £85 k next year as there was a big one off deal.
     
    Posted: Sep 9, 2019 By: topgear13 Member since: Sep 9, 2019
    #1
  2. Mr D

    Mr D UKBF Legend Free Member

    16,097 1,797
    VAT threshold is a rolling 12 months. Not business year.
    So now you'd look now at last September to this August. After end of this month you'd look at October last year to September this year and so on.
     
    Posted: Sep 9, 2019 By: Mr D Member since: Feb 12, 2017
    #2
  3. topgear13

    topgear13 UKBF Newcomer Free Member

    2 0
    Sorry I’m thick lol

    Went on to my account here is info. Now I’m lost

    This is my first year of business so I registered the business and vat roughly same time

    Effective Date of Registration: 19 Sep 2018

    Ceased date:14 Dec 2018

    Date of certificate: 09 Sep 2019

    VAT return period end date : 31 Oct 2019

    Frequency of returns: Quarterly in January, April & July
     
    Last edited: Sep 9, 2019
    Posted: Sep 9, 2019 By: topgear13 Member since: Sep 9, 2019
    #3
  4. Scalloway

    Scalloway UKBF Legend Free Member

    15,117 3,208
    If that is for 11 1/2 months trading then you are dangerously close. You could shut up shop for the next two weeks.

    At the end of October you will need to review turnover for the previous 12 months and so on.
     
    Posted: Sep 9, 2019 By: Scalloway Member since: Jun 6, 2010
    #4
  5. Alan

    Alan UKBF Legend Full Member - Verified Business

    6,243 1,731
    It is strangely annoying that at and around the VAT threshold you have to have more accurate accounts than any other time. Well before the VAT threshold you prepare accounts annually, after the VAT threshold you prepare VAT returns every 3 month.

    But on the cusp, you need accurate accounts up to date every month.

    It is not surprising many small businesses get caught out registering late.
     
    Posted: Sep 9, 2019 By: Alan Member since: Aug 16, 2011
    #5
  6. Mr D

    Mr D UKBF Legend Free Member

    16,097 1,797
    Though it can also be a good habit to get into, entering income and expenditure so you know how the business is doing as you go along. 5 minutes work a month or so.
     
    Posted: Sep 9, 2019 By: Mr D Member since: Feb 12, 2017
    #6
  7. justintime

    justintime UKBF Regular Free Member

    516 69
    Providing you didn't withold information to HMRC that would have prevented them de-registering you, the clock starts again when you de-registered. Your first year will be 15th December to 30th November, then a rolling year as outlined further upthread.
     
    Posted: Sep 10, 2019 By: justintime Member since: Apr 12, 2009
    #7
  8. MyAccountantOnline

    MyAccountantOnline UKBF Legend Full Member

    12,731 2,361
    Yes that's correct you can get a exception for VAT registration.

    I've done that for a several clients.

    Did you see you need to write to HMRC and request it?
     
    Posted: Sep 10, 2019 By: MyAccountantOnline Member since: Sep 24, 2008
    #8