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Hello there, I run a building company but am not yet VAT

Hello there, I run a building...
Hello there,

I run a building company but am not yet VAT registered. I have two jobs in the pipeline with a combined total of £125,000. Do I need to get registered asap or do i have to arrange this for the next tax year? I received information on Monday informing me the first year doesnt matter?????
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Answered in 21 minutes by:
5/6/2013
Sam Pathak
Sam Pathak, Mr S Pathak MBA FCCA CTA
Category: UK Tax
Satisfied Customers: 465
Experience: Tax Consultant & Freelance Lecturer over 9 years experience
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Hello,

Thank you for your question.

NO, you do not need to register for VAT asap, just because your likely turnover is £125,000.

However, if you look back the previous 12 months and add your income (not profit) but gross money/turnover, then see if it exceeded £77,000, in which case you will be required to register for VAT. I assume this was not the case before.

OR

If out of that £125,000, your potential turnover/income from that is likely to be £79,000 in the next 30 days (which is less likely), then you will need to register for VAT.

So, going forward, look into your monthly gross revenue closely as to if and when the total for the prior 12 months will reach £79,000 (new limit for 2013/14), and at that point only you need to register for VAT, not now or asap.

It may be the case that by the time your gross revenue reaches the above limit (£79,000), it may even be next year or it may equally be after a month, which depends on the amount of work you do and revenue generated.

Therefore, it is advisable to check the gross revenue figures at the end of each month and see if in the immediate prior 12 months the above limit did get crossed.

I trust the above helps.

Best wishes
Sam Pathak
Sam Pathak
Sam Pathak, Mr S Pathak MBA FCCA CTA
Category: UK Tax
Satisfied Customers: 465
Experience: Tax Consultant & Freelance Lecturer over 9 years experience
Verified
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