Hi all,

I may start a new business and would just like a bit of advice.

If my turnover was £150k per year and profit was around £50-60k per year, would i require VAT registration etc?

The money would be raised by supplying many smaller suppliers with goods.

Any input s appreciated :niceone:

Cheers

VAT threshold is £62,000 i think thats turnover not profit

oh right. just found some threads below that are useful

Take your first 3 months turnover as a guide if you are billing less than £10K. If you are turning over on average of 10K per month you should apply straight away to be registered from month 6.

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Seek accountancy advice, the only ones truly qualified to advise on your business as they will have the true facts..think of their fees as an investment (in fact my accountant actually saves me more then they cost so their services are technically free)

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Originally Posted by MustHaveMobiles

think of their fees as an investment (in fact my accountant actually saves me more then they cost so their services are technically free)

Or so he tells you! .. ..

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Its true, or pretty damn close

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Thanks for the advice all ! i plan to do as greedyboy said and measure turnover for 3 months and meanwhile chat to an accountant as said by ^^^


Thanks for the help guys

Just out of interest do you own a shop or via ebay etc ?

Seems like a nice bit of profit you got going on there :niceone:

Its abit of both mate. Supplying a few guys who dont know how to use a computer and at the same time got loads selling on ebay everyday.