Expansion to UK – Part 2 : Interium VAT Payment

Expansion to UK – Part 2 : Interium VAT Payment

So, basically I’ve not even sold anything in UK, and I’m already due for a interium VAT payment of £900. Gee. I’m under the annual accounting scheme. You can join the scheme if your estimated VAT taxable turnover is £1.35 million or less. Under this scheme, I’m required to make advance VAT payments towards my VAT bill – based on my last return. Since I’m new to VAT, it’s an estimate based on my projected turnover when I submitted my VAT application. Wished someone had told me that -.- Anyway, when I submit…