cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Everything you need to know about banking in QuickBooks Online - Discover more
Leigh20
Level 1

VAT THRESHOLD

Hi

 

I am looking for advice. 

I am self employed with a turnover of 80K apx. With the SEIESS grants this pushes me over the 85K VAT threshold and would need to become VAT registered.

 

As it is the SEISS Grants that push me over do I still need to become VAT registered? or would I remain as I am as the actual earnings without grants are lower than the 85K?

 

Thanks

3 REPLIES 3
ReymondO
QuickBooks Team

VAT THRESHOLD

Good day, @Leigh20.

 

Thanks for sharing your concerns in the QuickBooks Community page.

 

According to HMRC, sole traders won't need to register for VAT if the money they receive via SEISS pushes their turnover above the VAT threshold (currently £85,000 a year). SEISS isn't part of your taxable turnover for VAT purposes.

 

To ensure everything goes well, I'd recommend reaching out to your accountant. This way, they can further discuss how and when you should report a SEISS grant on your tax return. 

For additional info, you can check out these articles:

 

 

Should you have any follow-up questions or concerns, don't hesitate to post again here in the Community or leave a comment on this thread. Take care and have a good one.

Leigh20
Level 1

VAT THRESHOLD

That’s great Thank you. 

JamaicaA
QuickBooks Team

VAT THRESHOLD

Thanks for the update, @Leigh20.

 

We're glad to provide insights to get you going. If you have any other questions or concerns about VAT, don’t hesitate to leave a comment below. It'll be our pleasure to help.

 

Stay safe and have a good day.

Need to get in touch?

Contact us