Vat registered

Discussion in 'Managing Your Business' started by rshandyman, Dec 18, 2014.

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  1. rshandyman

    rshandyman Forum Addict
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    Are many of you vat registered?
     
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  2. Smurf

    Smurf Banned
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    why?
     
  3. Smurf

    Smurf Banned
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  4. rshandyman

    rshandyman Forum Addict
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    Just curious.me no way that I have turnover like that.
     
  5. cheapncheerful

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    as long as they dont look under smurfs mattress:D...
     
  6. Smurf

    Smurf Banned
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    I don't think many domestic customers would be happy to pay vat having their windows cleaned somehow. :rolleyes:

    Also If you are voluntary registered for vat then you have to charge vat on every job you do.
     
  7. rshandyman

    rshandyman Forum Addict
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    Unless you keep the same price and pay vat yourself but working alone it is impossible to reach that turnover at least for me
     
  8. boarcity

    boarcity Guest

    #8 boarcity, Dec 19, 2014
    Last edited by a moderator: Dec 19, 2014
    im not but one benefit i seem to recall [unless the rules have changed] ,is that when you go VAT registered you can claim back vat paid on capital items such as a van ,equipment etc - going back till the time you first started-as long as you still have them
     
  9. rshandyman

    rshandyman Forum Addict
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    You have 4 people working for you right?how can You not reach that turnover...
     
  10. boarcity

    boarcity Guest

    #10 boarcity, Dec 19, 2014
    Last edited by a moderator: Dec 19, 2014
    iv 3 workers right now .

    one thing i learned from a previous life where i was vat registered for about 3 yrs then de-registered , was theres nothing to be gained by it [apart from the initial windfall from recovering the vat on capital items still owned but bought over the previous years ]
    my guess,and it is a guess, is that id have to jack up residential prices a tad across the board the moment of registration -and eat some of the original price - to cover the vat to be paid each quarter or id seriously lose out

    for example if a job was £10 originally, with vat added it becomes £12 . but that new price might be too high ,so cancellers will happen . id prob instead increase the price to only £11[includes vat] and then when i paid the vatman some small amount would be coming out of my pocket

    theres a lot of ways to stay under the vat limit,not all of them dodgey i might add . i wont be going over the vat limit anytime soon
     
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