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Den | Why register for VAT? |
Apart from businesses having to register for VAT if their turnover is over £61000, what are the benefits for registering if you dont have to? |
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Know How
 |
Mark J beat me to it. If I went VAT registered as a bricklayer, that makes me 17.5% dearer than the other bricklayers. On the other hand, if you set a business up, you tend to have a great deal of capital expenditure at the start so it might be worth while going VAT registered for a short period of time. |
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Steve B
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Perhaps so you can reclaim VAT on expenses ?
If your business is such that you incure significant expenses that attrach VAT (eg. Petrol) and operate in a market where VAT is normally charged (Business to Business) or that is not price sensitive (for example, Services, Consultancy, Software design & development) it makes sense to Register so you can reclaim the outgoing VAT costs.
If you operate in a price sensitive market = typically sales to consumers eg. general building trade (loft conversions, home extensions etc) it makes a lot less sense. |
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ANF
 |
All the VAT that you pay on materials or other items associated with your business can be reclaimed. You charge the VAT on the whole package and the customs people take it from you. |
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DolceVita
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you get to claim back any VAT paid on items you purchase.
And it gives your businesses a more professional image, but this is a minor point. |
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Jon Soundman
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If you spend a lot on VAT rated items like fuel then it can be worth it as you can claim it all back, but you have to keep more regular accounts and charge VAT on your income. If most of your customers are not VAT registered then this will be a problem for them as you will cost them 17.5% more. |
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deadman
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google business link, their website is packed full of relevant info. |
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zeggy
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You have to weigh up whether you are better off doing so. Although we have to be registered for VAT as we have a big turnover, if we didn't we wouldn't be better off.
We supply milk which is VAT free nothing due there, so we can claim back the VAT on a lot of our purchases, services.
We claim back between £3 and 5K every quarter.
Only time we have to offset some of our VAT is if we sell some machinery. |
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Mark J
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If you don't have to register don't do it. This means you don't have to charge your customers VAT so your prices are 17.5% lower than a business that has to charge VAT or you make 17.5% more profit if you charge the same price. |
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