Voluntary VAT registered, is it worth it?

[18 stoner]

stevie,thats a bit heavy for a sat nite ,get a gaymores & let yr sen uwind:thumbup1:

 

Good idea Johnny, and if your buying I'll have a large Merlot. All beered up now:blushing:

[Johny Walker]

Good idea Johnny, and if your buying I'll have a large Merlot. All beered up now:blushing:

 

 

wifes got us on an archers woo-woo :laugh1:vodka,archers,lime,lemonade & ice ,didnt know archers was 18%

[18 stoner]

Drop the lime, lemonade and rocks, and I'm with you:thumbup:

[skyhuck]

Forgot to mention if you are getting near 70k you can make the wife a partner then it doubles to 140k before you need to register.

 

Er, NO!!

 

You would need your wife to set up a whole separate business with separate equipment, or she could hire your equipment off you at a proper rate.

 

The vat man takes a very dim view of tax evasion.

[gensetsteve]

Er, NO!!

 

You would need your wife to set up a whole separate business with separate equipment, or she could hire your equipment off you at a proper rate.

 

The vat man takes a very dim view of tax evasion.

 

Perhaps things have changed but a partnership did not have to register until you reached 140 k . Bear in mind we are not talking ltd company here. I am sole trader and vat registered so I AM NOT evading any tax due. I would say the original poster needs to seek proffessional advice rather than rely on here say.

[skyhuck]

Perhaps things have changed but a partnership did not have to register until you reached 140 k . Bear in mind we are not talking ltd company here. I am sole trader and vat registered so I AM NOT evading any tax due. I would say the original poster needs to seek proffessional advice rather than rely on here say.

 

It makes no difference how a business is registered, sole trader, partnership or Ltd Co, the vat threshold applies to the turnover of the business and always has.

 

I ran 2 separate business for about 8 years, one vat registered Ltd Co, one sole trader none vat. I had to have separate equipment for both and had to be sure I could prove to the vat man that they were separate.

[Al Cormack]

I would be interested to know how you guys remain unregistered (unless you are one man free lancers)

 

The threshold is currently £70,000 turnover per year which equates to £300 a day (based on a 260 working day year)

 

If you are not charging more than £300 a day for a two man team, how do you make any money?:confused1:

 

Obviously a certain cash element comes in to play:sneaky2:, but not £20,000 + each year.

Edited October 24, 2010 by Al Cormack
spelling

[Robert_S]

Easy, dont work 260 days a year

[Johny Walker]

I would be interested to know how you guys remain unregistered (unless you are one man free lancers)

 

The threshold is currently £70,000 turnover per year which equates to £300 a day (based on a 260 working day year)

 

If you are not charging more than £300 a day for a two man team, how do you make any money?:confused1:

 

Obviously a certain cash element comes in to play:sneaky2:, but not £20,000 + each year.

 

i probaly dont have your over heads ,as i own evrything ,bar my nissan ,which is more per month than my morgage ,

[18 stoner]

I would be interested to know how you guys remain unregistered (unless you are one man free lancers)

 

The threshold is currently £70,000 turnover per year which equates to £300 a day (based on a 260 working day year)

 

If you are not charging more than £300 a day for a two man team, how do you make any money?:confused1:

 

Obviously a certain cash element comes in to play:sneaky2:, but not £20,000 + each year.

 

I think going on the replies from this thread, there are a massive amount who are in the "optional" area of turnover.

 

You saying you dont declare cash, that could end up causing big problems for yourself IMO?