{"id":27150,"date":"2024-08-12T09:30:08","date_gmt":"2024-08-12T08:30:08","guid":{"rendered":"https:\/\/smh.group\/?p=27150"},"modified":"2024-08-12T09:30:08","modified_gmt":"2024-08-12T08:30:08","slug":"hmrc-launches-vat-registration-estimator-for-businesses","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/hmrc-launches-vat-registration-estimator-for-businesses\/","title":{"rendered":"HMRC Launches VAT Registration Estimator for Businesses"},"content":{"rendered":"

HMRC has introduced a new digital tool designed to help businesses estimate the potential impact of VAT registration. This tool will be valuable for both established business owners and those planning to start a new venture.<\/strong><\/p>\n

VAT registration<\/strong><\/p>\n

Registration for VAT is required if a business\u2019s taxable turnover (including zero-rated sales) exceeds \u00a390,000 for the previous 12 months or is expected to exceed this threshold in the next 30 days.<\/p>\n

For a business that only makes sales to the general public, the cost of VAT registration can be particularly onerous if it is not possible to increase prices to cover the VAT charged while the cost of VAT on sales becomes an additional cost for the business.<\/p>\n

However, a business supplying VAT-registered customers may find it beneficial to register voluntarily even though turnover is below \u00a390,000.<\/p>\n

Using the estimator<\/strong><\/p>\n

The estimator tool can be used as many times as needed, with HMRC suggesting it will take around 20 minutes to complete on first use. To use the estimator:<\/p>\n