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MarkL
28-06-2004, 02:36 PM
Hi

I am a small IT firm with no money to start-up and have just started trading on the internet. I need to buy stock from a distributor so I can offer competitive prices.
I applied for the account and they have said I need to be VAT registered, I have read that it is a requirement you must exceed a 55,000 turnover to get this privilege. Could you please advise if there is any way around this because I cannot trade without this account as I would have to price my items higher than my competitors?

Hope you can help
Thanks

Mark

Statler
28-06-2004, 04:22 PM
Hi Mark,

You can register for VAT regardless of your turnover; only when your turnover exceeds 58,000 is it compulsory to register. This link should clear matters up:

http://www.hmce.gov.uk/business/vat/vatregist.htm

Lee