Used car dealer and paying vat ?
Discussion
MustangGT said:
I believe that if you turnover just over £7k/month you would need to register for VAT immediately as you will be expecting to exceed the £85k during the year.
Just came across this so thought it worth correcting a misunderstanding in case anyone reads it. VAT registration is only required once your turnover for a rolling 12mth period exceeds the annual limit or if you expect to exceed it in any single 30 day period - see https://www.litrg.org.uk/working/vat-when-running-...Deepreddave said:
MustangGT said:
I believe that if you turnover just over £7k/month you would need to register for VAT immediately as you will be expecting to exceed the £85k during the year.
Just came across this so thought it worth correcting a misunderstanding in case anyone reads it. VAT registration is only required once your turnover for a rolling 12mth period exceeds the annual limit or if you expect to exceed it in any single 30 day period - see https://www.litrg.org.uk/working/vat-when-running-...E.G. https://assets.publishing.service.gov.uk/media/652...
In this case you are correct in the detail, I stand corrected.
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