Vat

[Ustawa]

I'd like to ask, what are the types of economic activity (self-employed, sole trader), which are obligatory to be registered for VAT? Are all depend on the turnover?
Many Thanks

 

[The Master]

Any business irrelevant of whether a sole trader, partnership, company upon reaching the turnover threshold for Vat registration must register unless its activities are outside the rules.

see:: http://www.hmrc.gov.uk/vat/start/register/when-to-register.htm and
also
http://www.hmrc.gov.uk/vat/forms-rates/rates/goods-services.htm

The first gives the rules for registration, and the second link gives a reasonably comprehensive list of items exempt, and those outside the scope.

 

[Ustawa]

Thank you so much

 

[jennymoore]

The VAT threshold is £67k

So no matter whether you are a one man band, Ltd, partner etc it doesnt matter as long as you are below that figure

You can of course become registered whenever especially for positioning reasons with larger companies. i.e if you say you're not vat reg then they know you are below 67k and might think you're no good irrespective of how long youve been in business for

Thanks

Jenny

 

[Gillie]

I thought the VAT threshold was now £68,000??

 

[spidersong]

It is £68,000.

As a side point, any Local Authority (Parish, District, County Council, Police, Fire etc.) that makes any level of business supplies is required to register for VAT (although HMRC do let them go up to £1000 turnover as an administrative easement).

So there is one type of trader for whom the turnover limit is largely irrelevant.

 

[kalpakb]

Hello everybody,
I am a student from India, studying in London. i want to buy a Laptop and a Printer for my use and wish to take it back with me to india in a years time from now. would i get a VAT refund and what is the procedure for the same? If this is the wrong place for this question then would someone guide me to the right link i need to post this on?
Regards Kalpak