Value Added Tax (VAT)
Companies should register for VAT if its value of taxable supplies in the past 12 months (or less) exceeds the threshold, currently £68,000. Similarly, if the value of its taxable supplies in the next 30 days alone is going to exceed this limit, then the business needs to be registered for VAT.
Please refer to the section Bookkeeping, VAT & Payroll for further information.