Commentary

V7.145 VAT registration—planning points to consider

Part V7 Tax planning
Part V7 Tax planning | Commentary

V7.145 VAT registration—planning points to consider

Part V7 Tax planning | Commentary

V7.145 VAT registration—planning points to consider

The following planning points should be given consideration.

  1.  

    •     A new or existing business will need to monitor the level of its taxable income at the end of each calendar month to identify if it has exceeded the VAT registration limit. It is not advisable to wait until the end of the first 12 months of trading and then apply the relevant test. Remember, however, that it is only taxable income that counts in deciding whether the registration limit has been exceeded, not exempt or non-business income.

  2.  

    •     Remember that it is only taxable

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