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4cz start learning
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taxable supply | by a taxable person | in the UK | in the course or furtherance of a business.
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VAT. With Exempt supply no tax is charged and trader is unable to ... and to... start learning
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to register | and reclaim input VAT.
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Taxable person is someone who... 2cz start learning
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who is, | or is required to be registered for VAT.
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Compulsory registration for VAT is required when value of ... exceeds the registration threshold (£85 000) start learning
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taxable suppliers (standard or zero-rated)
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VAT Voluntary registration. Traders ... can register at any time. start learning
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traders making taxable suppliers (standard or zero-rated)
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Compulsory registration. Historic turnover test (£85 000) is performed... start learning
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at the end of each month.
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HMRC must be informed about compulsory registration within... start learning
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30 days of the end of the month in which the threshold is exceeded. VAT registration future test is performed constantly.
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Compulsory registration is in force from... 2 start learning
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from the first day of the second month after taxable supplier exceeded the threshold. | Or from agreed earlier date.
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Compulsory registration tests: start learning
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Historic turnover test. | Future test.
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VAT registration future test: start learning
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Taxable supplies in the next 30 days is expected to exceed £85 000.
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VAT registration future test. HMRC must be informed by... start learning
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by the end of the 30 day period in which the threshold is expected to be exceeded.
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Future test. Registration is in force from... start learning
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from the start of the 30 days period.
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Voluntary registration advantages: start learning
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Monthly returns registration possibility to aid cashflow*. | Repayable VAT shown by VAT returns*. | Penalties for late registration avoiding. | Input tax recoverable. | Substantial business impression. *If making zero-rated supplies.
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Disadvantages of voluntary registration. 2 start learning
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Administration burden. | Output charged on sales*. *If make standard-rated supplies to customers who are not VAT registered, it will be an additional cost to them. It may affect competitiveness.
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