Recent content by Fpmusic

  1. F

    VAT clarification

    Very true. I have only been set up for a small period of time. So I actually don't have an idea what I'm doing for a legal stand point. I have two books for in's and out's and I have two folders for respective invoices/receipts. But when it comes to letting HM know, I have no idea. I...
  2. F

    VAT clarification

    Right well the last post is a bit confusing. This is my chain of thought. I will VAT register the business and because I have a high expenditure I will be able to claim back VAT on all of these spends and I will just have to add 20% to the cost of my products. I will only be buying from VAT...
  3. F

    VAT clarification

    I never thought about it from that point of view! Time to get onto the HM website and fill out a VAT form for registration!
  4. F

    VAT clarification

    Thank you for everyone's help. Doing the maths for it, it wouldn't be sensible to register for VAT as what I need to get manufactured costs £599 and £104.83 on VAT. 300 items would be manufactured and sold at £4. I would have to charge VAT on top of that and pass it on to the supplier...
  5. F

    VAT clarification

    Hey there, I hope this is in the right section. I am just a start up and have been trading for about 1 month. I wanted to have something cleared up with VAT. I will not be turning over more than £70,000 which I think is roughly the amount for a company to have to be VAT registered...
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