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VAT Registered - UK

Discussion in 'Business & Tax Advice' started by TheJunkieMonkey, Apr 3, 2014.

  1. TheJunkieMonkey

    TheJunkieMonkey Newbie

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    Hi

    I have looked towards becoming VAT Registered as I qualify now.

    But does anybody know if it easy to set up?

    Thanks
     
  2. mattbowden

    mattbowden Regular Member

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    better off staying sol trader. Contact an accountant they will do it for you save the hassle
     
  3. TheJunkieMonkey

    TheJunkieMonkey Newbie

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    Yeah I was thinking that, but I do trade shows and the amount of VAT I pay, I do think that if I could reclaim that the shows would look much better financially
     
  4. redarrow

    redarrow Elite Member

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    go to your tax office fill in a form, know get a payee number, now pay vat and retrieve vat yearly....

    or register your business where they do it all for a fee......

    that means your now registered and have to add 20% to the total service/

    let say fully registered incl vat

    £10 for posting back links.
    £2 tax
    £12 Total to client.

    but ppl might get put off

    unregistered no vat.

    £10 for posting back links.
    £10 Total to client.

    The only time vat helps, if the business is getting stock, and paying loads of vat on orders.#
    a yearly refund is nice!

    cons
    ppl want to see low numbers , and added vat seen looks more cash less sales......
    there still advantage of course , global brand name,, getting branded...

    only my opinion.

    ps. To be honest a real internet marketer only needs to be a sole trader, £7 week national insurance , and take
    20% from each daily total.{ sole trader}
    the truth is having stock and selling that stock over the .net is simply a business like any other,
    but real internet marketers use the revenue from all ready made money to get them more sales,
    to give us more money.......

    internet marketers that are the best at there game need no money 0 to earn thousands
    daily((that the idea and there real goal.
     
    Last edited: Apr 3, 2014
  5. Duffers5000

    Duffers5000 Elite Member

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    You can register for Vat online If you are paying out a lot in vat it might be in your interests to register but you need to research on the HMRC website before you do that.

    You can do your vat returns quarterly. again it can all be done online. Once you register you get access to an online portal for submissions. Just be aware that you are now liable not just to companies house for your company accounts but also to the vatman, it is a step up in gear.

    Usually vat reclaims are an offset. ie you pay vat on sales and reclaim vat on purchases. I dont have experience of only submitting reclaim requests.....I would imagine you would get a call for an audit of thats all you were doing so make sure your books are up to date.
     
  6. homenet

    homenet Power Member

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    It's easy but I recommend you get an accountant to sort it out for you.

    For the person saying stay as sole trade, i disagree, register a LTD company, and get VAT registered, it is MUCH more tax efficient. Not too mention if your charging VAT on top of sales invoices, it's basically free money (if your on the flat rate scheme you pretty much keep 39% of the VAT generated.)
     
  7. davids355

    davids355 Jr. VIP Jr. VIP Premium Member

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    Just get your accountant to set it up.
     
  8. oxonbeef

    oxonbeef BANNED BANNED

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    When you meet the threshold you have no choice.
     
  9. TheJunkieMonkey

    TheJunkieMonkey Newbie

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    Hey Thanks for the replies.

    I am considering it as I do pay A LOT of VAT.

    For quality purposes I make my items here in the UK by 2 companies (VAT x 2) then I do Trade and Retail shows (VAT again x 2)

    But I will happily do it If I can set it up, at present I am the the one doing all the bookwork
     
  10. islandman1010

    islandman1010 Elite Member

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    Is your turnover over the VAT threshold? That is what dictates when you have to become VAT registered. Doesnt matter if you are a sole trader or a LTD company...you have to register for VAT at a turnover of £81,000. Or do you mean you pay a lot of VAT and just want to claim it all back? if you register for VAT you would have to charge VAT on anything you sell.
     
  11. *zap*

    *zap* Regular Member

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    You know the vat man will come to your address be it a home or business address, and will go over your books with a fine tooth comb, even the smallest amount of money will need to be repaid we are talking down to pennies over years, fines are huge if you are fiddling around with the books.
     
  12. locale

    locale Newbie

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    Be careful with reclaiming your VAT and my personal suggestion is to pay an accountant or a licensed company to do all the VAT claiming for you.
    Trust me in the long run you will be better off getting a professional for this kind of thing.
     
  13. mapp2819

    mapp2819 Regular Member

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    Speak to your accountant to initially set this up for you. I submit returns, etc every quarter which is fairly simple but please ensure that the set-up is done by a qualified accountant. This could save you lots of hassle in the long run.