HMRC May write out of the blue just to enquire whether a business is operating or close to the VAT Threshold
The Threshold for turnover/sales is £90k 💲 and businesses are encouraged to consider registering a bit earlier if closer to the threshold
For a growing business or a business with just a few transactions but of high value and operating in a business, which, is not VAT exempt should monitor their
🗓️
Weekly
Monthly
Quarterly
Annual
Sales
Having an up to date and more of a software or cloud based system to monitor is better than say a manual book as then a business can monitor regularly and in real time 🕰️
If you would like to learn more about VAT or feel like that your business should consider registering for VAT as Mandatory due to high turnover then please feel 🆓 to reach out
There is the option to register voluntarily even if your business is below the threshold if you have many expenses to claim VAT upon
Registering on time 🕰️ will avoid any late penalties and interest
It is important to have the ✅ systems in place to file
HMRC can go back usually up to 4 years for the VAT Inspection
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