PAYE and VAT registrations
Do you know when you have to register for PAYE or for VAT?
If you employ people, even on a casual basis, you must register your business as an employer under the PAYE rules and report to HMRC every time you make a payment to your employees.
There is an online registration process during which you will be asked some questions about your business such as the date you plan to make your first payment to employees, the number of employees and the frequency of payroll reporting.
If you have any questions about whether or when you should register or the process itself then we would be happy to have a chat to see if we are able to help you out.
You must register for VAT if your taxable turnover has reached £85,000 in the last twelve months of trading.
Again, there is an online process for VAT registration and you will be asked questions about your business including the likely turnover, whether or not you wish to use any of the VAT schemes available and the date from which you are applying for registration.
You can also register for VAT voluntarily if you are under the threshold for compulsory registration and there may be a variety of reasons why you would want to consider this.
Getting registered correctly for VAT can be a complicated process and it’s important to understand what is the right VAT scheme for your business.
If you would like to chat about this or anything else, why not get in touch?
I work with Val and beyond the Numbers, because they are exactly that..more than just the numbers. They work hard to understand my business, understand the business needs that are unique to me. They then shape the support and service around those needs.
What I particularly like is that they are up for doing all sorts of support, from basic book-keeping, through to strategic challenge and insight. Trusted partners.
Martin Ewart, Bigwheel Leadership Ltd
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