VAT threshold crossed

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  • 11 October 2021 at 05:37 #55761
    Richard
    Member

    Help! My accountant has ijust done my books for last year(up to Apri 5) and informed me that we crossed the VAT threshold and will have to become VAT registered.  Not only that but that I’ll have to pay VAT on all the jobs we’ve done since crossing the threshold.  Obviously I haven’t charged anyone VAT as I was unaware we had crossed the threshold until now and would have to find the money myself as well as my own income tax. Is this correct? Is there any leeway? Being VAT registered alone could hurt my business as almost all my clients are domestic jobs.
    Thanks
    Rick

    15 October 2021 at 10:34 #56194
    VAT-adviser
    Member

    yes that is correct. Please see the link which can also help with regards to invoices already issued or to be issued. https://www.vatforum.co.uk/post/about-to-quote-a-job-that-will-take-me-over-the-threshold-10452807

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