VAT bchellingworth August 23, 2023
Navigating VAT

If your turnover exceeds £85,000, you’ll need to be VAT registered, and you’ll be faced with a number of choices as to how you many want to proceed, including an option for a flat-rate scheme. Our tax experts can advise you on the best way to manage your VAT registration, schemes and payments to ensure you always make payments and file returns correctly and on time.

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Should you register for VAT?

  • You must register for VAT when your turnover exceeds the VAT threshold (£85,000 from 1st April 2018)
  • Your turnover includes all income, royalties, appearance fees and hire charges for sound and lighting engineers
  • There are complex rules for some services such as Google Adwords as they are subject to a ‘reverse charge rule‘ as they are billed from Ireland
  • There is a flat-rate scheme option and we will advise you whether this makes sense for you, it means that you pay a fixed VAT rate and keep the difference between what you pay to HMRC and the rate you charge to your customers. To be entitled you must have a VAT turnover of £150,000 or less
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What our clients say

Having The Showbiz Accountant team manage my accounts frees up hours and hours of my time from doing something that I’ve always hated doing. Keith and team take everything off my hands so I can focus on writing and performing, in other words the stuff I’m good at. They’re worth their weight in gold!
Low Key Productions Film Production

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Contact us for confidential advice and a no-obligation review on any aspect of accounting for people working in the entertainment industry.