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hi we have registered a proprety cleaning and restoration company…

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hi we have registered a...
hi we have registered a proprety cleaning and restoration company alongside our full time jobs. i am wondering if it would be benefitial to register for vat. we are only doing small jobs at the moment aiming at bringing in £200 a week but we are contacting loss assessors with the aim of fire and flood restoration.
Submitted: 8 years ago.Category: UK Tax
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Answered in 12 minutes by:
6/20/2010
UK Tax Professional: Sam Pathak, Mr S Pathak MBA FCCA CTA replied 8 years ago
Sam Pathak
Sam Pathak, Mr S Pathak MBA FCCA CTA
Category: UK Tax
Satisfied Customers: 465
Experience: Tax Consultant & Freelance Lecturer over 9 years experience
Verified

 

Hello,

If your clients are going to be VAT-registered business clients who would not mind if you are charging VAT on top, then you can register for VAT, which means you can claim input VAT on the purchases and expenses.

However, once you register, you would need to account for VAT at least every quarter and pay over VAT to tax office if any.

You may not be able to put extra VAT on your other non-VAT customers in which case you may lose out the VAT element.

Generally, you would only need to register for VAT compulsorily when your sales reaches £70,000 during any 12 months.

So, consider the above and make decision as to whether to register for VAT or not.

 

I trust the above helps.

I am available for follow up or further comment if needed.

 

Thank you.

 

Best Regards

Sam Pathak

 

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