Individuals, partnerships, companies, clubs, associations and charities are all liable to register for VAT. If the taxable turnover of a business, in either goods or services, exceeds £68,000 (from April 2009) in twelve consecutive months then the business should be registered for VAT. Customs and Excise should be notified within 30 days of the end of the 12 month period. A business must also register for VAT at any time if in the following 30 days turnover is expected to exceed £68,000. It may be advantageous for certain businesses with a turnover below £68,000 to register for VAT voluntarily. Once registered you must prepare and submit quarterly or in certain circumstances annual VAT returns.