shimell
24th July 2010, 10:59
I am a limited company that is operating under the vat threshold. I am looking at going vat registered to be able to claim the vat back off materials etc. My main question is regards how vat is treated when i dont need to pay any due to being under the threshold.
Basically is vat deducted from profit margin even if i dont have to pay inland revenue any, or is vat that i am charging classed as profit as i am keeping it?
Basically is vat deducted from profit margin even if i dont have to pay inland revenue any, or is vat that i am charging classed as profit as i am keeping it?