Registering for Vat online
All small businesses with a turnover of more than £100,000 must now register to pay Vat online. I have now completed this for one of my clients. It is straightforward to do online and the instructions from HM Revenue and Customs are particularly good. The only things that could go wrong are the client not noticing the arrival of the sealed authorisation code which will be posted to them! Also the client is acknowledging that the company will be able to pay by Direct Debit the full amount owed every three months. There must be some companies whose cash flow is not perfect and for whom this could be a problem.
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