The VAT threshold in the UK is £85,000, if your business reaches this threshold you have 30 days to inform HMRC to register for VAT. Once you have registered for VAT your company will be required to carry out the following:
- Charging VAT on goods and services sold
- Pay VAT on goods and services you buy for your business
- Keeping VAT records to submit your annual VAT return to HMRC
If you company’s turnover falls below £83,000 you can deregister for VAT with HMRC.