Can anyone get VAT Registered or do you have to meet criterias? E.g earn an amount a year ??

Or can i just register and claim all my vat back??? Its because im dealing alot from USA u see.

Greg

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Last edited by greg2414; 30-05-2006 at 07:16 PM.

over £60k a year you will have to register.

Look in the articles section as I think somebody did a article regarding this.

Also use the advanced search as there loads of info on this.....

If you struggle finding it then shout up

Dave

look here:-

VAT and Import Duty - Your Questions Answered

Dave

Brill so i have to earn 60k a year to register what if i dont?

you can register valuntary for VAT if your making less than £61,000 per year, but you must be a declared sole trader or registered with companies house...

it has become defficult to register for VAT as alot of fraud is taking place. however if you legitimately are running a company you shouldnt have a problem registering.

you will be able to claim VAT back on all your purchases and pay VAT on all your sales

well basically i will be paying out around £500 a day = £15,000 a month so what do i do?

im not 100% sure but i have been asking around as im looking to get VAT registered...

but what ive been told is that...

All the VAT you pay when buying, you can reclaim, and all the VAT from the goods you sell you owe inland revenue...

example:

you pay £10 VAT on goods you buy and £5 VAT on goods you sell - you can claim back £5

you pay £5 vat on goods you buy and £10 Vat on goods you sell - you pay £5

correct me if im wrong

Second example is more accurate, as to be receiving VAT back from HMRC on a sale would mean your selling at a loss.

Also you will be able to offset other payments of VAT, such as if you bought a new computer for your company etc.

You will have to file a quartely claim and may need the help of an accountant.

Quickly looking at HMRC.gov.uk, you can register for VAT online, check out http://customs.hmrc.gov.uk/channelsP...CE_PROD_011666

I havnt a clue ;p

Also forgot to add you don't wait untill you have end of the year, you need to register as soon as you earn over £60,000 in a year. For example you could earn £62,000 in 9 months which would mean that you would have to register then and not wait until the end of the tax year.