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kermey kermey is offline
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Join Date: Sep 2003
Posts: 389
Registering for VAT early

I was thinking of registering for VAT early.

Iím serving mainly business's so my clients so who wouldnít mind paying the vat as they get it back. I was thinking about the fact that you can get the vat you pay back so is it worthwhile registering for vat before I actually have too (which Iím told I can).

Iím going to employ an accountant anyway but I am wondering if their costs will be more that what I get back by registering.

Iím really looking for other peoples thoughts on this
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James Smith's Avatar James Smith James Smith is offline
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Join Date: Mar 2003
Location: Abingdon, Oxfordshire
Posts: 2,044
Kermey,

It doesnít cost anything to reg early for VAT, and it can be very worthwhile if selling mainly to businesses, as all your start up costs will be deductible.

You may even get the VAT man paying you if you set up costs are high and sales are low at the beginning - and its not often that happens!

If you employ an accountant to do it for your you shouldnít be paying a huge amount for a VAT return (say £100 stand alone - less if integrated into other activities)- it is also something I would say 2/3 of my clients do themselves, after a bit of coaching.

If you are reasonably organised, and can use excel to list your invoices and expenses, you are 90% there.

If you would like some help deciding if to register or not, or generally with your returns please give me a ring.

Regards,
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Transconnex Transconnex is offline
Entrepreneur
Join Date: Nov 2003
Posts: 41
James is right - i do all my own tax returns, after a bit of teaching from somebody who knew what they were doing.
You will need an accountant for your year end and perhaps payroll services, but for things like VAT, you should really aim to do them yourself.
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hollyyetmore hollyyetmore is offline
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Join Date: Sep 2003
Location: London
Posts: 442
fwiw I think being VAT registered creates a good impression for clients, it has connotations of being established, trustworthy, successful, all of which are important. But obviously this alone isn't reason enough, it has to make sense from a financial angle too.
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