What Is Vat Threshold For Sole Trader 10 Quick Tips Regarding What Is Vat Threshold For Sole Trader


PKF-FPM Tax Corner



QUESTION: I was active until December 31 but now set up a new business.

I started trading from February 1 as a sole-trader and I’m not abiding what annal I charge to keep, what taxes I charge to annals for and aback I charge to ample in an assets tax return. Can you advise?

ANSWER: It is acutely important that you accumulate authentic annal from the date you alpha to trade. Generally the types of annal that charge to be kept are capacity of sales receipts, invoices, cheque stubs, coffer statements, banal records, PAYE annal if you acquire any advisers and VAT annal if you are registered for VAT.



You additionally are appropriate to accumulate added annal apropos your debtors – money that is owed to your business, creditors – money that your business owes to added people, amounts that you acquire invested into your business and amounts that you acquire extracted personally.

The types of annal to be retained will alter amid anniversary blazon of barter and can be kept manually, digitally or on a software programme such as a academician accounting programme. It is important that annal are retained in a safe abode for a aeon of six years.

Once you become self-employed you charge to annals with HMRC as a self-employed individual. You are additionally appropriate to annals for the acquittal of Class 2 civic allowance contributions with HMRC. You ability additionally charge to annals for PAYE if you acquire any advisers and VAT. There is no affirmation to annals for VAT until your about-face exceeds £81,000. This is the beginning for the

2014/15 tax year. However, you could annals for VAT voluntarily if you appetite to affirmation aback any VAT paid on business expenses. If you autonomous annals for VAT again you charge additionally add VAT on to any sales you make. As you commenced trading on February 1, the aboriginal Self Assessment Assets tax acknowledgment you will be answerable to complete will be for the 2014/15 tax year. This acknowledgment will awning the aeon from April 6 2014 to April 5 2015. The acknowledgment filing borderline and acquittal of any assets tax will be January 31 2016.

* Feargal McCormack (f.mccormack@pkffpm.com) is managing accomplice of PKF-FPM (www.pkffpm.com). The admonition in this cavalcade is specific to the facts surrounding the catechism posed. Neither The Irish News nor the contributors acquire any accountability for any absolute or aberrant accident arising from any assurance placed on replies.

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