[Archer]

I would like some advice please, if anyone could help.


I am showing £60,000 commercial income - so need to know any good points/bad points of going VAT registered.

will it be dearer with my accountant, more mither etc

[seandyer2003]

good points - you can take on more work

bad points - if you dont you cant

no brainer lol

If you dont go registered mate you cant grow anymore!!! It is just a case of charging the vat which commercial custys expect anyway and they claim it back etc. I thought you were vat registered thought, didnt you say you won one contract alone at 60 000 per year??

[Rob_Mac]

Chris

Looking like you will have no choice. If you have done 60000 so far this year then you've got till March to earn no more than 7000.

When you go VAT registered get your accountant to set up cash accounting - that way you only have to pay the VAT that you have been paid and not any outstanding!!!!.

I cannot see a downside to VAT, other than that you have to collect it for them and then send them a payment every quarter!!!. Don't spend it!!!!

Companies like dealing with other VAT registered businesses, it is like a club.

Rob

[leapstallbuildings]

Chris

Looking like you will have no choice. If you have done 60000 so far this year then you've got till March to earn no more than 7000.

When you go VAT registered get your accountant to set up cash accounting - that way you only have to pay the VAT that you have been paid and not any outstanding!!!!.

I cannot see a downside to VAT, other than that you have to collect it for them and then send them a payment every quarter!!!. Don't spend it!!!!

Companies like dealing with other VAT registered businesses, it is like a club.

Rob

I think that £67,000 is supposed to be for ANY 12 consecutive months.  They don't have to be in ther same tax or accounting year.

[Rob_Mac]

That is correct. I am VAT registered!

Rob

[Rob_Mac]

But if he has earned 60k so far he is certainly going to struggle to keep it below, unless of course he has earned it over a 5 year period but from what he has said it seems likely that it will be in a rolling year!

Rob