Vat reg advice????

[kween]

Unsure whether to register with VAT or not.
Am a small optical retail business.

Sales/turnover is less than 70k, in the region of 40-50k, will not exceed this.

All the companies I deal with for supplies and stock charge VAT on what we purchase.

So, is the only way of reclaiming huge amounts of VAT added by these companies is to register with VAT???
But could this not be disadvantagious?

Advice would be appreciated.

 

[elaine@cheapaccounting]

have a read of this post ...

http://www.ukbusinessforums.co.uk/forums/showthread.php?t=185308

and

http://www.ukbusinessforums.co.uk/forums/showthread.php?t=185441

 

[yackers1]

Bit of an open ended one this............. In short - if you want to reclaim all input VAT then you do have to register for VAT. As for if there are any disadvantages......... that depends on the specific circumstances and your point of view. What one person considers a huge disadvantage, another may not.

Go see an accountant and discuss your predicament. All good ones will offer a no cost no obligation meeting so get tap them up for some advice.