VAT Registered

[Retired Climber]

55 minutes ago, Rough Hewn said:

Absolute rubbish.
Did you open your business on day one with 90k turnover?

No I didn't, but I knew it was going to need to be a business rather than a hobby or simply 'self employment' for me only, so registered for VAT from the off. 

 

[Hodge]

As I'm sure I've said before....you have to do what is best for your business. I know a contract climber who earns under the threshold but is considering going vat reg as all his work is for vat reg company's. He would get fuel etc and equipment vat back. That would be a good thing.

[Ian C]

1 hour ago, Rough Hewn said:

Absolute rubbish.
Did you open your business on day one with 90k turnover?

You don't need 90k to register, you can do it from the start and its best to do that.

[Steve Bullman]

1 hour ago, Retired Climber said:

No I didn't, but I knew it was going to need to be a business rather than a hobby or simply 'self employment' for me only, so registered for VAT from the off. 

 

This!

 

I can never understand the mentality of people who desperately try and stay under the vat threshold in the mistaken notion that it means they will lose work if they register.

 

My mindset from the start was that if my business ambition was never to cross the threshold then why even be in business.

[Retired Climber]

4 minutes ago, Steve Bullman said:

This!

 

I can never understand the mentality of people who desperately try and stay under the vat threshold in the mistaken notion that it means they will lose work if they register.

 

My mindset from the start was that if my business ambition was never to cross the threshold then why even be in business.

The threshold is there so a self employed bloke with no staff and few overheads can make a living without needing to register. If you want a business, you need to register. 

Not being VAT registered just tells the world you don't get much work.

 

As Steve says, it's also a psychological thing. If you are trying to stay under the threshold, you have completely the wrong mindset to make money. 

[Rough Hewn]

You think what I do is a hobby?
[emoji848]

[Retired Climber]

8 minutes ago, Rough Hewn said:

You think what I do is a hobby?

Is that question for me? If so, I have no idea what you do, or why you do it. 

You'll notice I also used the term 'self employed', but I suppose it's easier to take offence at the term hobby isn't it. 

[Rough Hewn]

Is that question for me? If so, I have no idea what you do, or why you do it. 
You'll notice I also used the term 'self employed', but I suppose it's easier to take offence at the term hobby isn't it. 

Scottish cleaning services or vesp?
[emoji848]

[Retired Climber]

Just now, Rough Hewn said:

Scottish cleaning services or vesp?

Just because I don't agree with you, I must be trolling? 

[doobin]

1 hour ago, Rough Hewn said:

You think what I do is a hobby?

No, you are the self employed bloke with no staff and few overheads, as both Steve and I alluded to.

 

I even went so far as to say that 85k/year with few overheads was respectable!