VAT security bond

Discussion in 'Insolvency' started by JB_MD, Feb 6, 2018.

  1. JB_MD

    JB_MD UKBF Newcomer Free Member

    Posts: 7 Likes: 0
    So with previous company insolvent and in order to continue living we are having to start a new company. however with 9K VAT owned will we need a security bond before VAT registration is allowed or does this happen early on in the company trading.

    With no personal assets and without income, we would not be able to pay a bond before trading as started as there is no money coming from anywhere.

    Thanks
     
    Posted: Feb 6, 2018 By: JB_MD Member since: Jan 8, 2018
    #1
  2. Mr D

    Mr D UKBF Legend Free Member

    Posts: 5,182 Likes: 504
    Why would you register for VAT before trading?
    Understandable they want a bond, the last business owed them money. But is there any reason you must register immediately or can you wait until you are about to hit threshold?
     
    Posted: Feb 6, 2018 By: Mr D Member since: Feb 12, 2017
    #2
  3. JB_MD

    JB_MD UKBF Newcomer Free Member

    Posts: 7 Likes: 0
    good point, we can trade until we hit the threshold, so there should then be a fair whack of money to pay any bond
     
    Posted: Feb 6, 2018 By: JB_MD Member since: Jan 8, 2018
    #3
  4. Lisa Thomas

    Lisa Thomas UKBF Enthusiast Free Member

    Posts: 1,691 Likes: 210
    Posted: Feb 6, 2018 By: Lisa Thomas Member since: Apr 20, 2015
    #4