To go VAT ??

[f1ngerz]

Wanted to hear your views on VAT with the up coming rise. And also in general, has it opened doors for you or been more hassle that its worth ? What are the terms to becoming VAT reg ? What fees have to be paid? Thanks

 

[eddielarge]

Wanted to hear your views on VAT with the up coming rise. And also in general, has it opened doors for you or been more hassle that its worth ? What are the terms to becoming VAT reg ? What fees have to be paid? Thanks

Hi vat is not a choice it will forced on you when you gross over about £64k.

The paper work is a pain and your domestic customers won't like it, but the big companies won't bat an eyelid at the vat,

But if you only earn low and do mainly domestic then maybe steer clear.

But on a positive side each quarter you get all your vat back on everything from petrol to materials which is normally just not claimed for so it's like getting a big tax rebate every three months.

 

[jeremy]

You can register for VAT for free. Ask your accountant about the flat rate scheme where you act as a VAT collecting agent and give HMRC a percentage of what you collect rather than claim VAT outgoing against VAT incoming. Very good if the majority of company income is labour as opposed to goods. The higher the VAT rate the higher my company income.

 

[cornburn]

The higher the VAT rate the higher my company income.

Not when they change our flat rate in line with it in December