HMRC have increased the threshold for VAT registration for 2015-16. You must register your business for VAT if you will reach this new threshold over a 12 month period.

If the VAT on your purchases exceed the VAT you have charged on your sales during the VAT period your VAT return will show a refund of VAT due from HMRC. If this is an unusual occurrence for your business you may find that HMRC w…