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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4207
Experience:  FCCA FCMA CGMA ACIS
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I operate as self employed at present and am getting close

Customer Question

I operate as self employed at present and am getting close to the VAT threshold - if I change my company to being a Limited company, do I reset the amount I can earn before having to pay VAT?
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your problem. If you cease self employment before the VAT turnover threshold of [82K] is reached you have no requirement to register for the tax. A company is a separate legal entity from an individual so can operate without registration if turnover does not reach of approach 82K. I do hope that I have imparted some good news to you.
Customer: replied 2 years ago.

Do I start the 12 months rolling period from zero from the date the Limited company starts

Expert:  bigduckontax replied 2 years ago.
Correct, you have it to a T; from the date the company starts trading.
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Expert:  bigduckontax replied 2 years ago.
Thank you for your support.