The 12 Days of Starting Your Own Business. Day 7

Day 7 in our a series of articles covering some of the main considerations if you’re thinking of setting up your own business.

Value Added Tax or VAT, doesn’t sound like much, but adds complexity and a whole new set of rules to any business. Required if your business revenue is over £85,000 for the 2020/21 tax year, it may prove beneficial to register for VAT even if your revenue is below this. It’s certainly worth discussing. The requirement to comply with the Making Tax Digital rules now also points you towards software for your record keeping due to having to link digitally with HMRC to submit your returns.

Find out more at the HMRC website here.