VAT Registered

[Steve Bullman]

27 minutes ago, Khriss said:

I just don't see that as a reward Ian,  company isn't near the thresh hold yet, but will be next year if my other projects take off ( yea that ain't appening this year ? ) as clients will require it.  K

Its a massive reward! When I first went vat registered the money it saved me every month covered the cost of finance on a brand new Navara

[Khriss]

You just don't understand how much I hate the taxman Steve ?  K

[Steve Bullman]

1 minute ago, Khriss said:

You just don't understand how much I hate the taxman Steve ?  K

Yet you're giving him even more by not being vat registered

 

remember this next time you go fill up your truck...that little paper receipt in your hand is basically a £10 note when you're vat registered

 

[Khriss]

1 minute ago, Steve Bullman said:

Yet you're giving him even more by not being vat registered

 

remember this next time you go fill up your truck...that little paper receipt in your hand is basically a £10 note when you're vat registered

 

.... am on LPG ? K

[Steve Bullman]

awkward bugger

[Khriss]

Awkward Yorkshire bugger if you don't mind  ?  K

[Ian C]

2 hours ago, Khriss said:

I just don't see that as a reward Ian,  company isn't near the thresh hold yet, but will be next year if my other projects take off ( yea that ain't appening this year ? ) as clients will require it.  K

It depends of what your doing i guess, as say a one man band plumber, sparks etc then i guess no its not as you buy limited tools etc but in the tree game everything i buy Tools, Fuel, vans, chippers etc etc all have vat on so i may as well get it back, theres lads round me who trade on not being VAT reg but what they don't realise is there running costs are much higher than mine, basically IMO if your in business and having to deal with other businesses for what ever reason its better to be VAT reg.

[Khriss]

Is just  that Ian, couple future clients will want VAT invoice, currently pointless as all my kit is bought n paid for yrs ago. But things can change. K

[Peasgood]

The downside is that you have to charge VAT. This means to all your domestic customers you just got 20% dearer. If most of you business is domestic you have to think carefully about it

[Mark Bolam]

Not necessarily.

Say if a domestic job is £500.

 

You can still quote £500 including VAT, so the domestic customer pays the same.

Yes, you lose out to a degree, but then you’re winning in other ways.