On His Majesty’s Registrar of Companies (HMRC) : Every year HMRC sets a financial threshold for VAT. For the 2020/21 financial year, the threshold was £85,000. This means that when your company’s sales meets or exceeds this threshold, first of all congratulations!

Secondly, your sales revenue hitting or exceeding the financial threshold means that you’re legally required to register for VAT with HMRC, charge VAT for every sale, and submit a quarterly VAT return.

Skyfall : There’s a whole lot of potentially ominous implications for small businesses filing their own VAT Returns. This can include the opportunity cost of a small business owner managing this complex process, being prone to mistakes that can be easily made when filing VAT Returns, and being subject to charges and penalties if your VAT returns aren’t filed on time.

Oh, and one more thing, you’ll need to keep abreast of the VAT Return financial threshold which usually changes annually.

For a seamless, efficient, and low-cost Vat Return service, contact our special agents! Not only will you get service with a golden touch, we’ll keep Onatopp of every detail for you too!