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Simon's Widget - Progress, Feedback, News & Opinions!

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Simon, are you sure you want to register for VAT already? It's a right pain in the arris for a small turnover as you get stuck with having to submit VAT returns every 3 months. If KLIME turns over £73k then you need to register, but it might be worth holding off for now.

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I have thought about this Pete, but the widget is going to be plus VAT when I get it made, so if I'm registered then I can claim it back and then I don't need to pass it onto everyone who buys it.

 

Additionally, I can claim back the VAT on investment which makes a huge difference. At this stage, I'll be reclaiming more than I'll have to pay.

In the registration HMRC ask whether you think they'll have to give you more than you give them... I reckoned that in Y1 & Y2 they'll be handing it back, by Y3 it will balance in their favour. But that won't affect me adversely, I'll still be claiming back VAT on relevant purchases so I reckon it's win/win.

 

And it's not like I'll be putting myself at a disadvantage, all hardware is plus VAT so it's a level field.

 

Besides, I'll get my wife to do my return! :thumbup::001_tt2:

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True. I didn't think about the VAT back on the upfront investment for a minute then. I ended up in a different situation importing cars - went from nothing to somehow having a turnover of something like £150k over a 3 month period. I knew turnover would be lower after than brief time but neglected to inform HMRC that I was "liable but no longer liable". I didn't even realise how high the turnover had got until HMRC contacted me to query tens of thousands of pounds of VAT I'd paid on imported cars. Narrowly escaped a £700 fine! Over the following months car sales just collapsed anyway and I jacked it in!

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Intriguing... what were you importing...? My friends sister's boyfriend as was [phew!] used to import cars form mainly Germany while at uni... used to bring in E30 M3's, SL's, 911's & even a Ferrari at one point.... seriously cool and at the time seriously cheap....

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Intriguing... what were you importing...? My friends sister's boyfriend as was [phew!] used to import cars form mainly Germany while at uni... used to bring in E30 M3's, SL's, 911's & even a Ferrari at one point.... seriously cool and at the time seriously cheap....

Nothing as nice as Ferraris. It was all modified Mazda RX7s, Nissan Skylines, Mitsubishi Evos, a couple of Subarus and a heap of 4x4. Was good while it lasted, but the pound suddenly became worth 130yen instead of over 200yen and it became hard to justify the amount of energy I was putting in to get anything back!

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The wait for this is tense!!

 

best of luck dude!

 

simply cannot wait for this to be unveiled to the world :D

 

Liam.

 

Thanks Liam... Have to check it works first though! :blushing::laugh1:

 

Nothing as nice as Ferraris. It was all modified Mazda RX7s, Nissan Skylines, Mitsubishi Evos, a couple of Subarus and a heap of 4x4. Was good while it lasted, but the pound suddenly became worth 130yen instead of over 200yen and it became hard to justify the amount of energy I was putting in to get anything back!

 

Aah, right hookers then... :thumbup1:

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