W-IT assists VAT services, including VAT registration and VAT return.
Any business, this includes sole traders, partnerships and limited companies whose taxable turnover for the previous 12 months or the next 30 days is more than £85000 in 2017/2018, must register VAT in the UK. Penalties for failing to register can be severe. The threshold changes – usually once a year announced in the Budget, therefore regular check your turnover against the current threshold is important.
A business may volunteer to register for VAT even if it has not reached the statutory limit.
In contrast to standard VAT accounting, there are several alternative ways, such as Annual Accounting Scheme, Cash Accounting Scheme or Flat Rate Scheme. Some of these VAT accounting schemes have been designed for specific trade sectors. Others have been designed to deal with more generic business issues.