Do sole traders need to register for VAT?

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Hey there

I’m a jeweller based in London, and I am going to be doing a bit of business as a sole trader. I know that most businesses register for VAT. As a sole trader, will I be expected to do the same?

Cheers

Answers

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Hi,

As a sole trader, you are legally required to register for Value Added Tax if your annual VAT-taxable income exceeds £82,000 (2015-16 threshold). However, you can also register voluntarily even if your income is below the threshold. Many business owners find this beneficial, particularly if they are charged VAT on the supplies and services they buy.

a year ago
 

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