Are you an entrepreneur setting out to create your own business and build your dream from the ground up? Congratulations. This is a fantastic step that takes a lot of courage and foresight. It also makes you a sole trader in the eyes of the tax authority and asks that you manage your taxes as such. However, the moment you step over the Value Added Tax (VAT) threshold of £85,000 taxable turnover, you’ll join all the other companies paying VAT regularly even though you’re a solopreneur.
Source: bluedotcorp.com
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