Registering for VAT

[murphyb00701]

Hi all, was hoping for some advice, basically I am reading and studying arbitrage, and was looking at getting items from wholesalers, unfortunately most of them require a valid VAT number. I understand it is easy enough to get one but I work full time on a salary. Would it affect my salary getting a VAT number as a sole trader or would it make more sense to go LTD. Any advice appreciated. Thanks.

 

[Scalloway]

If you register for VAT as an individual it does not affect your personal tax. It does mean however that any other business activity you may decide to undertake in the future is subject to VAT.

 

[MyAccountantOnline]

...Would it affect my salary getting a VAT number as a sole trader ....

No

 

[MyAccountantOnline]

....would it make more sense to go LTD. ...

Possibly (although not for VAT purposes) especially as you have other income.

It's something which is worth discussing with an accountant.

 

[lesvatadvice]

You can only register for VAT if you are in business and intend to make 'taxable supplies.' If you have sold nothing yet you may have to provide evidence to HMRC.
You cannot just get a VAT number!