Do LLPs need to register for VAT?

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Are LLPs exempt from value added tax? I assume it depends on the products or services they are pushing, but I can’t think of any LLPs off the top of my head that pay VAT. That in mind, I thought maybe none of them have to pay it at all. Thoughts?

Answers

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Yes, LLPs need to be registered for VAT if their VAT taxable turnover is more than £82,000 (2015-16 threshold) in a rolling 12-month period. VAT taxable turnover is the value of everything the business sells that is not VAT-exempt, not the profits the business makes.

Voluntary VAT registration is available even if your business has a turnover below the threshold. You can register your partnership online for VAT here.

a year ago
 

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