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What does this mean "Not registered for VAT."


 
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pappyon

from United Kingdom

Joined: 25 Jan 2003
Posts: 162
Location: United Kingdom

PostPosted: Mon Feb 08, 2010 6:52 pm Reply with quote

When I phoned an installer for a quote for servicing my year old boiler, I queried whether the sum quoted was inclusive of VAT.

He replied that was it in total as he wasn't registered for VAT.

I thought all businesses had to charge VAT.

Please enlighten me icon_rolleyes.gif
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seco services

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PostPosted: Mon Feb 08, 2010 6:59 pm Reply with quote

no
i'm not vat registered so i can't charge vat and can't claim it back when i pay it out.
its an option to register if your under 68000 a yr gross turnover.


Last edited by seco services on Mon Feb 08, 2010 7:01 pm, edited 1 time in total
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Redhotferrari

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PostPosted: Mon Feb 08, 2010 7:01 pm Reply with quote

If the business turnover is less than the threshold which I think is 68 k then you do have to be vat registered, you can choose to be if you want to. Over that figure you have no choice and must be vat!
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Chukka63

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PostPosted: Mon Feb 08, 2010 7:03 pm Reply with quote

im not VAT registered either.i refuse to collect money from my clients on the govts behalf.this means,i can charge less than my VAT registered competitors.i realise there are benefits to being VAT registered.
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Fredstudio

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PostPosted: Mon Feb 08, 2010 8:49 pm Reply with quote

does this mean if you set up on your own you don't have to pay tax?
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seco services

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PostPosted: Mon Feb 08, 2010 8:52 pm Reply with quote

Fredstudio wrote:
does this mean if you set up on your own you don't have to pay tax?


you still pay your tax and still do your tax returns etc.
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kitch0978

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PostPosted: Mon Feb 08, 2010 8:59 pm Reply with quote

wats advantages to being vat registered if you gross under 68k?? or isn`t there any?
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heatingman

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PostPosted: Mon Feb 08, 2010 9:04 pm Reply with quote

there are advantages, it depends where you source the bulk of your work .
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nad000

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PostPosted: Mon Feb 08, 2010 11:01 pm Reply with quote

benefits of being registered for vat are that all your purchases (materiels, van, diesel etc) you will get a refund on the vat that you have paid on them for example for every 10 diesel that you spend you will get the 17.5% back. BUT you have to collect vat from your customers, you must invoice them plus VAT. Overall benefit is F*** All, every 3 months you will have hand over the difference between your purchases and your output sales also dont forget the extra paperwork, lose customers because your competitior will do the job cheaper, and every so often you will have the vat man visit you and he will bring with him a pair of latex gloves so that he can do a inspection of your rectum..
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cashjob

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PostPosted: Tue Feb 09, 2010 12:23 am Reply with quote

Fredstudio wrote:
does this mean if you set up on your own you don't have to pay tax?


Yes it does! icon_biggrin.gif

What's VAT? icon_wink.gif
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pappyon

from United Kingdom

Joined: 25 Jan 2003
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PostPosted: Tue Feb 09, 2010 8:45 am Reply with quote

I thank all who responded to my post.

It is much appreciated icon_lol.gif
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D_Hailsham

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PostPosted: Tue Feb 09, 2010 2:35 pm Reply with quote

If you work mainly for non-VAT registered people, there is no point registering for VAT as your prices will be higher as you have to charge your customers VAT. But if you do a lot of work for VAT registered firms, you should register as you will be able to claim back the VAT on your purchases (Input Tax) and your customer will be able to claim back all the VAT you pass in to them. You effectively pay HMRC the difference between the VAT you pay out and the VAT you receive. Many companies will not work employ firms which are VAT registered.
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