{"id":1030,"date":"2022-01-21T14:10:27","date_gmt":"2022-01-21T14:10:27","guid":{"rendered":"https:\/\/accountants247glasgowsouth.co.uk\/?p=1030"},"modified":"2022-01-21T14:10:29","modified_gmt":"2022-01-21T14:10:29","slug":"registering-for-vat","status":"publish","type":"post","link":"https:\/\/accountants247glasgowsouth.co.uk\/?p=1030","title":{"rendered":"Quick Tips: Registering for VAT"},"content":{"rendered":"\n
\"Registering<\/figure>\n\n\n\n

When first setting up your business, there are multiple decisions to make \u2013 and a key consideration will be whether to register the business for Value-Added Tax (VAT)<\/a>, the tax that\u2019s added onto the price of certain goods and services.<\/p>\n\n\n\n

When does VAT registration become mandatory?<\/strong><\/p>\n\n\n\n

When your business\u2019s turnover reaches \u00a385k over any rolling period of 12 months, it\u2019s currently mandatory for you to register for VAT. Because of this, it\u2019s important to keep an eye on your turnover and to start making plans for VAT registration as you get closer to the threshold.<\/p>\n\n\n\n

Is it better to be VAT-registered?<\/strong><\/p>\n\n\n\n

Where your customers are VAT registered, you\u2019ll always be better-off registering \u2013 as long as you don\u2019t mind factoring in the minor administrative work that\u2019s required.<\/p>\n\n\n\n

As a VAT-registered business, you can add VAT to your selling prices without it actually costing your customers more \u2013 VAT registered customers just claim the VAT back from HM Revenue & Customs (HMRC). You can also reclaim VAT on your own expenses in the same way. If the administrative work is a concern, the flat-rate scheme<\/a> is a more straightforward alternative.<\/p>\n\n\n\n

What happens if my customers aren\u2019t VAT registered?<\/strong><\/p>\n\n\n\n

If you\u2019re a business-to-consumer (B2C) company, your consumer customer base is unlikely to be VAT registered. In this circumstance, if you charge your customers VAT, they\u2019ll end up paying more for your goods\/service \u2013 which could affect your competitiveness in the marketplace.<\/p>\n\n\n\n

Think about whether this additional VAT cost is likely to have an impact on your sales. Then weigh that against the additional costs you\u2019ll incur if you don\u2019t register \u2013 and, as a result, can\u2019t reclaim VAT on your costs.<\/p>\n\n\n\n

Why would I register early for VAT?<\/strong><\/p>\n\n\n\n

Legally, you don\u2019t have to register for VAT until you meet the \u00a385k threshold. But some businesses operating below the registration threshold choose to register voluntarily.<\/p>\n\n\n\n

Some companies believe being VAT registered makes the business look more substantial and professional. And some businesses will register to make use of the ability to claim back VAT on certain business expenses, especially if these are for significant assets.<\/p>\n\n\n\n

Talk to us about registering for VAT<\/strong><\/p>\n\n\n\n

For a new business, even if you anticipate that your sales will go over the \u00a385,000 registration threshold in the first year, there may be advantages in delaying registration until you have to. Equally, there may be benefits in registering even if you are trading below the threshold.<\/p>\n\n\n\n

Tell us<\/a> about your business plans and we\u2019ll be happy to advise you on the best point in the business journey to register for VAT.<\/p>\n","protected":false},"excerpt":{"rendered":"

When first setting up your business, there are multiple decisions to make \u2013 and a key consideration will be whether to register the business for Value-Added Tax (VAT), the tax that\u2019s added onto the price of certain goods and services. When does VAT registration become mandatory? When your business\u2019s turnover reaches \u00a385k over any rolling period […]<\/p>\n","protected":false},"author":1,"featured_media":1031,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","post_reading_time_wpm":"300","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"1","number_popup_post":"1"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo":"","sponsored_post_desc":""},"jnews_primary_category":{"id":""},"footnotes":""},"categories":[58,50],"tags":[],"class_list":["post-1030","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-tax"],"yoast_head":"\nRegistering for VAT - Accountants247 Glasgow South Quick Tips<\/title>\n<meta name=\"description\" content=\"When first setting up your business, there are multiple decisions to make. 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