Long story short but I had no intention of setting up a shopify store it just happened and I went along with it.
I didn’t realise I need to register for VAT. I haven’t charged any customers VAT. My total turnover from the start is around £136,000. I registered the store as a LTD and since then my turnover is around £78,000.
I have started to research that I should of registered for VAT soon as I expected going over £85,000.
Do I have to pay VAT on the first £85,000 or can you exclude that for your first VAT year?
is there an easy way to get your VAT number and see what you owe and what you can claim back?
I know how to work out how much VAT I should of charged. Divide my selling price by 1.2 and then see the difference between selling price and calculated number.
Any help would be great.
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