going vat registered

[simonm]

I went VAT registered 3 years ago, best thing I ever did and cant belive how worried I was about it at the time.

My accountant deals with everything and i just make sure i transfer the VAT into a separate account as it comes in so at the end of the quarter ive got a lump put aside to pay it. Its also a good way of saving because the ammount you pay is always less than youve got in the account. I think I claimed 14k back when I first registered as well

 

Has it put folk off having to pay the vat also?

[skyhuck]

So i can claim vat back on equipment previously bought?

I charge 20% extra and give it to the tax man quarterly?

Do you also get the vat back quarterly?

 

You deduct the vat you are reclaiming from the vat you owe and pay the balance or claim whats due if it greater than whats owed.

 

They are a bit tighter on claiming vat on purchases from before registration, they now take depreciation into account, rather than just refunding you in full, or so I heard.

[benedmonds]

So i can claim vat back on equipment previously bought?

I charge 20% extra and give it to the tax man quarterly?

Do you also get the vat back quarterly?

 

I think you can claim back 4 years if you sill have the equipment.

You pay or reclaim the difference between what you collect and what you spend quarterley

[John Shutler]

Has it put folk off having to pay the vat also?

 

I guess it does put some people off but ive never been short of work so never noticed to much of a difference.

[Stephen Blair]

Expect a vat inspection too. Well I got 1.

I've been on and off Vat Reg over the last 7 years just depending on machinery and volume of work. So if you go Vat, it doesn't work out you can stop, you just have to pay any Vat on assets you sell if the vat is more than £1k

[skyhuck]

Expect a vat inspection too. Well I got 1.

I've been on and off Vat Reg over the last 7 years just depending on machinery and volume of work. So if you go Vat, it doesn't work out you can stop, you just have to pay any Vat on assets you sell if the vat is more than £1k

 

If you deregister I thought you have to repay the vat on any assets still on your books?

Edited February 14, 2016 by skyhuck

[simonm]

Sounds like a lot of faffing about! glad im not my accountant.

Are tax / vat inspections really that bad? maybe only if you have stuff to hide.

[Ian C]

When I registered 3 years ago I claimed about 2k back ( up until then I bought mainly second hand stuff mostly with no vat, after going vat I buy mostly new stuff as with the vat off things seem far better value.

 

To a book keeper /accountant it's not a faff, it's what they do day in day out, just leave them to it and they will keep you sorted, as for domestics no no body likes paying extra but hey ho that's life we pay vat on pretty much everything from fuel to stuff in bnq, just build it into your price and don't tell then unless they ask.

Edited February 14, 2016 by Ian C

[simonm]

If you deregister I though you have to repay the vat on any assets still on your books?

 

I bought a lot of tackle last year so getting vat back is good, however if i end up de registering i would end up giving all that lovely money back?

[Ian C]

I bought a lot of tackle last year so getting vat back is good, however if i end up de registering i would end up giving all that lovely money back?

 

Yes you can't having it both ways!