Do limited companies need to pay VAT?

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Hey, my name is Gabriel and I’m a videographer in Glasgow. I am keen to get a limited company up and running here in Scotland. Do you know whether I will need to pay VAT as a limited company? Are there any rules relating to who does and doesn’t pay, or must all limited companies pay? I appreciate it!

Answers

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You must register your company with HMRC for VAT if:

  • Your VAT-taxable turnover exceeds £82,000 in a 12-month period. This threshold changes every tax year.
  • You receive goods in the UK from the EU that are worth more than £82,000.
  • You except your VAT-taxable turnover to exceed £82,000 in a single 30-day period

All non-UK businesses are required to register for VAT as soon as they supply any goods or service to the UK - there is no minimum threshold.

You can voluntarily register for VAT, even if your turnover is below the threshold. This can be really beneficial for many small business owners who are charged VAT on their purchases.

2 years ago
 

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