The current threshold when you have to register for VAT is £64,000 if I understood correctly. My clients are mostly in the US which means there is no concept of charging them VAT (I think) which means I don't want to pay VAT until have to, since I have very few expenses.
My question is, if I were to pass the threshold by having a turnover of £65,000 do I pay VAT on everything or on everything over the threshold?
My question is, if I were to pass the threshold by having a turnover of £65,000 do I pay VAT on everything or on everything over the threshold?
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