You must register your business for VAT if your turnover has reached the prevailing threshold (£85,000 for the 2020/21 tax year) within the previous 12 months, or if you expect to breach the threshold within the next 30 days. As a VAT-registered business, you will be effectively colle...
Never miss a tax deduction again The Hnry Debit Card is here. Discover the Hnry Debit Card News Why does the GST threshold matter? The GST threshold can limit sole traders from earning to their potential. Here’s why. Read More
Sole traders in Australia submit a Self-Assessment tax returns every year and pay tax on all of their profits above the tax-free threshold for that year. How do I switch from sole proprietorship to a limited company? If you’re currently operating as a sole trader and want to step things...
You will be required to register forVATonce your turnover reaches or exceeds the VAT registration threshold -- £85,000 for the 2021/2022tax year. You can voluntarily apply to register for VAT before meeting the threshold if you are working with other VAT-registered businesses and would like...
Tax return, and paying any Income Tax or National Insurance Contributions (NICs) you owe on your business profit. You may have other information to submit to HMRC as well, such as VAT if you’re registered, either voluntarily, or if your business turnover is above the VAT threshold....
If a business’ turnover exceeds the VAT threshold within the tax year then it will need to register for VAT. The VAT threshold for the tax year 2021/22 is £85,000. More on theVAT threshold and registering for it. Records It’s incredibly important to keep a record of all the inco...
As a UK sole trader, invoicing is just as important a part of running your business as the products and services you provide. Not only does it ensure you get paid, but it’s also required by law - if you and your client are registered for Value Added Tax (VAT). Once you sell a ...