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#1 03-08-05 16:16:44

PLYMOUTH77
Guest

V.A.T Registered

As you maybe be aware with all my advice requests, i am starting out on my own for the first time. I have been looking into the VAT side of business and found that anyone can register, but only companies with a turnover of £60000 HAVE to register. It seems that you can use it to your advantage but only if you know what you are doing.

Just wanted to know what you lot thought?

03-08-05 16:16:44

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Re: V.A.T Registered



#2 03-08-05 17:39:46

DAVE-ADI
Guest

Re: V.A.T Registered

There's no advantage whatsoever of a sole trader ADI registering for VAT. 
You will have to put your rates up to include vat.   You will pay more accountants fees.

Are you sure you aren't getting mixed up with being a limited company?  It used to be an advantage but the govt  has closed the benefits loophole now, and for most independent ADIs it's not worth it.

If starting up on your own keep it simple until you start earning thousands.


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#3 03-08-05 18:04:48

bigred
Verified Member
From: Kent
Registered: 25-02-04
Posts: 1,592
Website

Re: V.A.T Registered

Hi,

I agree with Dave - Don't even think about it!

VAT is a real pain and I have a net loss on turnover of about 9% If you do ever have to register then try to make your turnover leap from the threshold (currently £60K) to at least 10K more or you'll end up going backwards :cry:

It's expensive and time consuming.

Regards,

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#4 03-08-05 19:11:59

PM1
Guest

Re: V.A.T Registered

VAT
Tainted money....taint mine and taint yours !

Stay well away


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#5 03-08-05 19:43:01

adi
Verified Member
From: shropshire
Registered: 28-02-04
Posts: 1,231
Website

Re: V.A.T Registered

Many people going it alone often start to think about their one man business becoming a multi-national overnight. As others have already stated keep yourself as small as possible and you get left alone. The more paperwork you get flying around the more (unwanted) attention you will attract!

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#6 03-08-05 20:47:25

New Girl
Verified Member
From: Somerset
Registered: 25-07-05
Posts: 524

Re: V.A.T Registered

Dont know if this will be of any help but one of my tutors gave me a number of a lady at my local Tax Office who runs FREE seminars.  She does one on becoming self-employed (which I have booked myself on to) and another on completing a tax return (which I may do later on).

If its something you are interested in it may be worth giving your local tax office a call? 

I'm in the same position as you Plymouth77 and having never done anything like this before am trying to gather as much knowledge as poss.

Hope this helps  big_smile  big_smile  big_smile

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#7 31-05-06 21:34:18

mancunian_michael
Member
Registered: 31-05-06
Posts: 1

Re: V.A.T Registered

Hi, a newcomer here; some advice would be appreciated... I'm already running a small company (for training IT); it's  a limited company and VAT registered because that looks good on the letterheads, as well as being able to claim some tax back... however, I'm about to go on the "pink licence" and would like to know if anyone had had experience of integrating the driving school business into the existing business and could pass on tips. Much appreciated!

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