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Seren
20-09-2007, 09:01 AM
just wondered who is VAT registered and who is not?

has anyone registered for VAT voluntarily? Does it help?

Thanks
B
littlesheep
20-09-2007, 09:59 AM
I'm not but keep thinking I maybe should be a voluntary registered person - haven't got time to investigate atm though
lajlaj
20-09-2007, 10:12 AM
I'm VAT registered! We registered voluntarily just before we got the first Boots order because we knew that would completely smash through the barriers anyway but also we had to be VAT registered to deal with the accounts we deal with.

Something they don't tell you but is completely logical when you think about it, when you are first setting up and aren't so busy you spend a fair bit of money on stock and supplies that you pay VAT on. However your sales are generally lower than your spending. If you think about it, it makes perfect sense to register for VAT at this stage rather than wait until your sales exceed your purchases!
MerrilyMe
20-09-2007, 10:45 AM
I'm VAT registered and have been all year; really must get round to doing my back claim!
Chell
20-09-2007, 10:53 AM
Thanks Nadine :happy72: I may look into that.
knotjustjigs
20-09-2007, 11:01 AM
thank from me too! never thought of it like that...

Ketty x

p.s is it lots of paperwork? and is it hard to do...
lajlaj
20-09-2007, 11:05 AM
No its not a *lot* of paperwork, it is one form each quarter.

Your accounts have to be up to date each quarter. We use quickbooks and there is a report in there that gives you the figures for every part of the form and it is as simple as copying it over.

The hardest part is making sure your accounts are up to date.
Seren
20-09-2007, 11:12 AM
right may have a go at it, thanks nadine
Emsickle
20-09-2007, 11:41 AM
We are VAT registered, we are on the cash accounting system, which means that we only have to account for the VAT that we have received in monetry wise, as opposed to all invoices issued.

Its no extra paperwork really, just using totals from each month to fill in the form once a quarter (or do it online and its even less hassle).
Bunny
20-09-2007, 05:49 PM
VAt isn't as scary as it sounds, once you get into a routine with a good system it's quite easy to keep on top of