Join Grigory Shchichko and Leo Tucker for Part 2 of our dive into UK taxes. Last episode, we talked about the basics of calculating VAT - this episode, we explore how to register with HMRC to make sure you are able to remit those values accurately and with a proper audit trail.
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Transcript
Leo Tucker: Hi, and welcome to World of Tax. I'm your host, Leo Tucker. And today, we're gonna continue from our previous discussion and talk about VAT registration for businesses selling into the UK. Grigory, welcome back.
Grigory Shchichko: Nice to see you again, Leo.
Leo Tucker: Okay. So there's that obvious threshold for cart value that we're calculating the you know, whether or not you charge that tax or not. So there's that threshold. Let's also talk a little bit about registration threshold.
Grigory Shchichko: It's a great question, because a lot of people who are interested in this topic, they, start googling. Right? They start googling and then enter something like VAT registration threshold in the UK. And the first, thing that we they will get is the threshold of £85,000. It's actually their registration threshold for UK businesses for VAT.
Right? And you should distinguish between businesses based in the UK and, foreign businesses, or as the HMRC, call them, non established ...