If your VAT taxable turnover is below the threshold
You might be charged a penalty if you register for VAT late, so you should check both of these from time to time:
- the current registration threshold - this changes regularly, and is usually announced in the Budget
- your turnover over the previous 12 months to see if it is above the threshold, or you can expect it to go above the threshold soon
If you took over another VAT-registered business within the last 12 months, then when you regularly check your turnover for the previous 12 months against the threshold, you should take into account the turnover of the business before you bought it as well as your own turnover.