You can voluntarily register whenever you like. However, unless your ‘trade’ is exempt, all businesses must register for VAT if its turnover (your sales) exceeds the threshold and will do so within the next month.
The turnover is calculated not on your financial year, or tax year – but a rolling 12 months. Currently £85,0000
Registered businesses are required to submit a VAT return electronically every three months. It is therefore essential that you keep records of all sales and purchases, and the respective VAT paid or charged.
Some businesses are exempt from VAT treatment, some items sold qualify for a reduced VAT rate, VAT on food can also be complicated and some businesses may like to VAT register before they reach the threshold.
If you know of a local business that needs help with their VAT, whether that is full bookkeeping or just the checking service we offer, please do pass on our details, MJB Avanti (08000) 388 799