VAT registered

[ben lightfoot]

Just interested on the amount of people who have registered themselves before going over the threshold?

[likeitorlumpit]

just keep a check on your weekly turnover

standard business practice i'm afraid

then you know you're a business man or woman

[evergreen]

Hi Ben, I registered when I exceeded the threshold. It is on a rolling twelve month period so its worth keeping an eye on it. I originally thought it was based on financial year but its not, because of this I did exceed it a little earlier than I thought.I have voted!

Cheers Nick

[ben lightfoot]

Thanks for your input guys just interested as someone mentioned about going VAT registered before the threshold especially as im buying a new motor and setting up with some tools, although i mostly just climb for other companys do some training and very occasionally get my own work in it would not really affect who i work for as the majority are VAT reg anyway

[Arbdog]

I'm not vat registered yet, though I work for a few company's that are. I'm in my first year of trading as a company rather than a sole trader/climber for other tree gangs and casually employing a couple of staff. Still think I will be below the vat bracket, well I hope I will be as a lot of my work is with home-owners and the way things are round my area with so many tree surgeons trying to service such a small area, prices have reduced like mad, £700 worth of work is now only £500 and so on. The last thing I want to be doing is adding vat on then I would be increasing my prices when I'm having to drop them as they already had 2 cheaper quotes!

[Dean O]

if your clients are vat reg and you have plenty of out goings then register for vat

 

write a profit loss form for your yearusing rough monthly figures in and out and see if it would be worth while

[Rick2517]

Speak to your accountant, im in the process of going registered and im pretty sure i will be able to claim back 3 years worth of vat for kit i have purchased!

So no need to register early as you may be able to claim it all back at a later date when your turnover is at the threshold. Also think about the extra paper work and accountancy fees!

[Jellystock]

Don't forget that NOT being VAT registered makes a big difference to your quote for most domestic clients and gives you more chance of getting the work:thumbup:

[treesnakey]

had a meeting with my accountant today. HMRC have closed the loophole you can only now claim back 6 months on tangible items. Its no longer 3 years dont be fooled.

[18 stoner]

I would say if your workload is primarily private work, with the present state of the economy going into voluntary VAT would seriously affect successful quotations.

 

Then again, I know of a subcontractor that worked for me(and other companies but not doing much domestic work) claimed to be going VAT reg, hence putting his prices up to main contractors, but never actually did:sneaky2: