davegreen Posted July 23, 2008 Posted July 23, 2008 Im a sole trader and mostly sub-contract to companies. What are the pro's/ cons for me going VAT registered? and how do i do it?
satsuma01 Posted July 23, 2008 Posted July 23, 2008 Im a sole trader and mostly sub-contract to companies.What are the pro's/ cons for me going VAT registered? and how do i do it? NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO dont do it!!!!!!!!!!!!!!!!!!!!!!!!! "If you carry your childhood with you, you never become old. Why rush to end life when happiness is in the blissfulness of childhood innocence.""We all die, the goal isn't to live forever, the goal is to create something that will." 07475071344
Guest anguscanplay Posted July 23, 2008 Posted July 23, 2008 NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO dont do it!!!!!!!!!!!!!!!!!!!!!!!!! why not?
james.wilson Posted July 23, 2008 Posted July 23, 2008 i would say it depends on your turnover, if you mainly sub to comapnies then they will claim it back so its pretty irrelevant, if you mainly work for pribate individuals it will make you more expensive, but of course once your registered you can yourself claim back vat on business expenses... that may include fuel depeding on how you are set up. James securitywarehouse Security Supplies from Security Warehouse Trade Members please contact us for your TSI vetted trade discount.
esp-protocol Posted July 23, 2008 Posted July 23, 2008 just remembered... the VAT limits are different if you're a registered company or sole trader.... i think the limit for a sole trader is around
hpotter Posted July 23, 2008 Posted July 23, 2008 Definitly speak to an accountant. Ask about "cash accounting" for VAT. Means you only have to pay customs the VAT money you have actually received, not the amount you have invoiced for. Apart from the better cashflow for you, could be a life saver if someone goes bust on you.
Chorlton Posted July 23, 2008 Posted July 23, 2008 if you do 50%+ b2b work reg for vat cash accounting is now allowed upto a few million T/O and helps cash flow greatly.
Guest anguscanplay Posted July 23, 2008 Posted July 23, 2008 just remembered... the VAT limits are different if you're a registered company or sole trader.... i think the limit for a sole trader is around
davegreen Posted July 23, 2008 Author Posted July 23, 2008 Well, for the replies all. Looks like this has turned in to a matter of opinion/ trading status. The bottom line is, would i be able to provide competative prices and be financially better off?
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