small home business without VAT...

[gg_dagg]

Hi,
I am running a small business at home and recently imported something from oversea.Because i just started the business, i haven't registered as a company and a VAT number(people suggested me that i do not need register VAT number until turnover over £65,000/year).
I have a question. Because i haven't registered a VAT number and a company, once i sell something out to my buyers, how can i give a receipt to them as they normally request one? Does a hand writting account?I understand they need receipt to claim VAT back, but what can i do to help them?
Sorry the case is a little complicated.
Many thanks and have a nice day


gg_Dagg

 

[Alpha]

Its not that complicated.

When people buy goods and services in business they require a receipt for several reasons.

1) So that they can prove it was purchased from you and be able to return it for a replacement or their money back if it is faulty, incorrect product delivered etc.

2) They can prove to the inland revenue that what they have spent their money on and are now claiming as a deduction against their tax liability is genuine and required for their business.

3) Prove that, where applicable, they have paid vat and are therfore able to claim it back.

As far as 3 is concerned - as you are not vat registered it does not apply.

If it is suitable for you give them a hand written receipt (Of course you should keep a copy as proof to the revenue that you have sold the goods, which will validate your income!!)