Register For VAT Now Or Later?
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desiree
Apprentice
Joined: 14 Apr 2004
Posts: 9
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 Posted: 08/10/07 - 06:59 Post subject: |
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| I am hoping to receive some advice. I have my own small firm, which is growing nicely. Now I have a question relating to VAT. At the moment we are not registered. I am not sure whether to register now or later. What are the advantages of registration, and what should I look out for? |
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bogey
Apprentice
Joined: 14 Sep 2004
Posts: 11
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| Posted: 09/28/07 - 01:31 Post subject: |
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| Hi. VAT registration is compulsory if your business has a turnover of 61,000 or more. If you choose to register now, you will add credibility to your work and probably gain new business partners plenty of businesses much prefer working with other VAT registered companies. Youll also be able to reclaim some of your input tax, and other VAT registered businesses you work with can in turn reclaim the VAT you charged them. On the other hand, you will add a lot of red tape: Youll have to fill in lots of forms, keep proper VAT records and send in VAT returns regularly Or youll have the added expense of paying someone to do all of that for you. If you choose not to register, be careful to notice when you do pass the threshold If you dont register on time, you might be fined! |
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