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pupko | I am self employed and have my unique tax ref number. Can i raise an invoice with VAT displayed on it? |
I was asked for a VAT No by the company I recently did the job for but when i told them i only have Unique tax reference No rather than VAT Reg No, i was told i need to re-write an invoice and musn't display VAT as i am not VAT registered.
Is that correct? Can i re-do the invoice and just add total and VAT together and display final total?
What are the advantages of being VAT registered?
many thanks
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Jay
|
You are obviously not VAT registered so you must NOT display VAT on invoices you give to your customers. In order to avoid confusion for them it will be better if you display NET and TOTAL.
When you re-do the invoice you must not include any VAT in your figure. If you were VAT registered you would not keep the VAT amount you would have to send it to the VAT office.
The main advantage of being VAT registered is that you can claim back from the VAT office any amounts of VAT that you spend on your purchases. So it depends what your purchases are and how much VAT you will be able to reclaim.
The disadvantages will be that you will have to do regular VAT returns and face fines if you are late. You will HAVE to charge VAT (this means your total costs to your customers will be higher) and pass the VAT amount to the VAT office. Also you have to get it right - on some things you must NOT charge VAT and it has to be right. Also the VAT you claim back must be correct.
You can register for VAT if you want to and once you are over the current threshold amount then you HAVE to. |
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madgooner
 |
You must exclude VAT until you have applied for registration.
You CAN apply for VAT registration regardless of turnover but MUST if Vatable supplies exceed the threshold.
You might consider registering if your clients are VAT registered, since it makes no difference to them and you are able to get VAT back for purchases on computers etc. |
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jester
 |
You CAN register for VAT with ANY turnover (even nil if new business), but you MUST register if turnover above £64k (or so).
If you register for VAT, you must collect it for the customs and excise and submit accounts to them relating to the amount you have collected on their behalf (and pay them the amount collected for them). You can then claim back any VAT you pay on the items you buy in the course of your business (inc. tools and equipment).
If you are NOT VAT registered you obviously don't charge it, so the invoice you have done needs to have the VAT removed before re-submission. For example: if your original invoice was for £117.50, it must now come to £100.00 or the Company you were working for might report you and this incident and then you'll have a visit from the VAT man. Customs and Excise will fine you for issuing fraudulent invoices and calculate lost VAT that you 'may' (or not) have charged over the last six years and get you to pay that too. Business is fun in this Country, isn't it. If you can, stay WELL away from VAT!
Generally speaking big firms like to deal with VAT registered businesses, private individual and small businesses like NON-VAT. As a non VAT business you'll appeal to the public and to small (non-VAT) businesses because you will be 17.5% cheaper than the VAT registered ones for the same basic cost.
You need some business advice or training..........and fast! |
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Martyn B
 |
if a Business is not registered for vat it must not add vat to its prices so just invoice the company for the totol cost of the work you have done but do not add any vat to it .if your business reaches a certain turnover £64,000 then you must register for vat .and then you can claim back the vat you paid out on any purchases for your Business
so invoice work done ie £500.00
. vat £ 00.00
Invoice totol £ 500.00 this will be what the company pay you |
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ian the k
 |
If you aren't tax registered you cannot collect vat and therefore cannot show it on an invoice.
I cannot recall what the amount is but if your takings(not profits) are more than the amount quoted by the vat people you have no choice, you must register. If your takings are under the amount it is probably not worth your while as every penny you pay to the vatman is out of your profits.If I remember rightly unless you are selling 0% rated goods and able to reclaim vat on your purchases-you will probably be a net payer. |
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georgeygirl
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You are not VAT registered so you cannot charge VAT on your invoices. Sounds to me like you need an accountant, especially if you have set up a business with loans etc. The tax man preys on soft targets like you who fill in their own tax returns. When an accountant does it for you then the tax office tend to presume it is all OK and above board. Being VAT registered means you pay back the VAT you charge but offset it against VAT made on your purchases. If you are unclear on such an easy matter then you really need to get an accountant or else when they request to look at your books in a couple of years they may find that you haven't paid tax and you will have to pay it back. They don't do deals, they are remorseless. |
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john h
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You cannot issue an invoice with Vat showing on it if you are not vat registered, that is illegal as the Vat you are collecting is in fact not yours but belongs to the Government and you are collecting it on their behalf.
You can only be vat registered if you turnover is in excess of
£ 60,000.00 per year. |
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suerye
|
You cannot charge VAT unless you are VAT registered. Your invoice must therefore just show the price of the goods or the value of the service with no VAT added.
You cannot register for VAt unless your turnover exceeds £64k in a 12 month period. |
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