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NEIL WARREN starts the year by considering some practical challenges that can arise on VAT registration issues
KEY POINTS
- Do not take exempt income into account when calculating turnover.
- What will be the financial effect of exceeding the threshold?
- The effect of international purchases.
- The benefits of the flat-rate scheme.
- Business splitting – pitfalls and planning.
There are certain milestones in life that you can remember with exact detail and precision. Where were you when Kennedy was assassinated? (Not born in my case.) Where were you in 1979 when Margaret Thatcher was confirmed as our first lady prime minister? (I was just born then… well only by about 180 months.)
And where were you when you first received details about your new VAT registration number the date when you embarked on a long journey to help collect tax and reduced the country’s massive borrowing requirements?
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