To be or not to be VAT Registered

[meldean]

Ok i was not sure where to put this topic so if it gets moved then i guess i did post in wrong area.

I am new to this sublimation printing and was wondering how many of you nice people are VAT registered and if so why did you decide to go VAT Registered... (apart from the obvious earn £75,000 a year or something like that scenario)

I want to hear peoples views who have voluntarily gone VAT Registered so that i can try and decide on whether i need to go down the same path.

Hope that makes sense... im crap at explaining things...lol

[Charlie_]

Well its not ear 75K its turn over.............. a huge difference to earning it.

[meldean]

Well its not ear 75K its turn over.............. a huge difference to earning it.

yeah thats the one.. thanks for the correction...lol

[Dave271069]

The most difficult part for me is turning a hobby into a business , at the mo I sell to a few friends and family but as I work full time it's not knowing when to decide to go vat reg or not,

[socialgiraffe]

I am VAT registered but its a legal requirement because of my turnover.

Personally I do not see any advantages to being VAT registered. Accountants cost more, your cashflow can be a nightmare if you are not on the ball and paperwork is friggin awful.

The only real small advantage is that those cash jobs do have a sweeter appeal!!!!!

[Andrew]

Only go vat reg when absolutely needs be. Other than hitting the threshold the other major main reason why someone would do it is if it were damaging your chances of picking up business. This tends to be B2B dealings where companies want to be able to claim vat back. If you are B2C then don't know if jumping early would have any benefits. It is all extra work and grief if you aren't on the ball.

[Fidget242]

It's simply not worth it in this business unless you're either turning over more than £75K or if you're going to be selling to businesses rather than normal customers. We had to register for VAT at the beginning of this year and were put on the flat rate scheme by our accountants due to the nature of the business - we save tons and yet still end up with a whopping bill every quarter - ouch!

The only reason I know of people volunteering is if the suppliers won't deal with anyone without a VAT number, or if you're selling a lot of zero rated stock and can claim more money back than you pay out (very rare).

[Charlie_]

Very Able Taxcollectors

[jennywren]

Maybe it best to start with out the VAT reg to see how you go, unregistered is a mare, and if you wait a while it will give you time to see if its suitable for you, if you have to ask then that your not ready, no offence. it has a few perks, but like anything there are drawbacks. When you get nearer to the vat rate that's the time to seek advice from a accountant.

[Charlie_]

Maybe it best to start with out the VAT reg to see how you go, unregistered is a mare, and if you wait a while it will give you time to see if its suitable for you, if you have to ask then that your not ready, no offence. it has a few perks, but like anything there are drawbacks. When you get nearer to the vat rate that's the time to seek advice from a accountant.

I would never volentary register for VAT its a club I wish i could get out of.......................