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Selina
Selina asked in Business & FinanceTaxesUnited Kingdom · 1 decade ago

Do i get/declare my VAT number if my business earning less than £60k a year?

I am looking to start up a new business. Wondering if i need or need to declare my VAT number. I heard if you earn below than £60k then Tax does not apply.

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  • truecockney
    Lv 5
    1 decade ago
    Favorite Answer

    If you have a VAT number, then no matter how much you turnover then you must charge VAT (and your number should be shown on any invoices or receipts you provide).

    You do not need to have a VAT number if your business does not report £68k in sales in the previous 12 months of trade (net of tax).

    Source(s): http://www.hmrc.gov.uk/vat/index.htm Qualified Accounting Technician
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