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Posted Fri, 19 Jan 2024 23:56:01 GMT by
I am the sole employee of a ltd company of which I am director. I provide consulting services. I accidentally went slightly over the VAT threshold for 8 weeks beginning last April. I keep a close eye on my turnover - I am an accountant! - but had mis-entered an invoice date and have only just realised. I have traded for 7 years and these weeks are the only time I exceeded the threshold. I am sure I will not exceed it again as more of my work is abroad and I am now working part-time as a direct employee for a major client. If I had noticed I would have applied for an exemption. I would have been sure I would not pass the threshold again as I would have reduced the number of assignments if necessary to stay under the threshold as it keeps me more competitive and reduces administrative overheads. What should I do now? I obviously need to inform HMRC but what are my liabilities etc? Can I apply for an exemption retrospectively? Can I register and then de-register retrospectively?
Posted Mon, 22 Jan 2024 17:36:42 GMT by HMRC Admin 19
Hi,

You can see guidance here:

Working out whether you need to register

Thank you.

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