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bordy
Apprentice
Joined: 30 Dec 2006
Posts: 6
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 Posted: 12/15/07 - 10:05 Post subject: |
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| I run a small business office and until recently I operated as a Sole trader. Now, I’m considering the idea of transferring into Limited company. I have never been registered for VAT before, and my friends told me that it is necessary if I want to operate legally. What’s the procedure of VAT registration? Is it possible to keep my old private account or do I have to open a new one? How long does it take to register for VAT and to receive VAT refund? |
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gabey
Apprentice
Joined: 08 Oct 2006
Posts: 4
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| Posted: 01/14/08 - 03:19 Post subject: |
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| There are many advantages of being VAT registered; among them is the fact that you will finally become a “professional” in your line of work. It is maybe possible to operate as a sole trader without VAT registration, but hardly. Limits of operating like that are enormous. Registering for VAT is quite simple procedure, but there is no guarantee that it will be efficient. It might take 6 weeks or more to register your business, so be patient. Also, VAT refund normally arrives within 7 days of submitting VAT refund. Good luck with your business! |
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