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Hi,
Wondering if you could help.
If i start a limited company, but i am not VAT registered does this mean i still charge VAT to customers at 17.5%, or cant i?
Please advise.

2007-02-07 19:12:40 · 3 answers · asked by Mitch_Gough_UK 1 in Business & Finance Taxes United Kingdom

3 answers

No, you absolutely must not charge your customers VAT. If you have a turnover of a certain amount (can't remember the exact figure - it's around £60k per year) then you HAVE to be registered for VAT.
However, you can opt for VAT registration, even if you are below this limit - the reasons for doing so would be if your business involved buying a lot of supplies, but if it's more labour intensive then there is absolutely no benefit in doing so.

2007-02-07 19:22:20 · answer #1 · answered by Rachael H 5 · 1 0

I would do a business study exam first. As far as I know when you charge VAT you are an unpaid collector of taxes for the government and I think you have to have a certain turnover but not sure. Get on Her Majesty's Government websites for new businesses. Another thing that came to me is being Limited you need to have a Managing Director who should be accessible to everyone at all times officially. Good luck with your new venture

2007-02-08 03:26:09 · answer #2 · answered by Anonymous · 0 0

No because you will not pay it over to the Inland Revenue. it would be fraud and they will put you in Wormwood Scrubs

2007-02-08 16:43:37 · answer #3 · answered by Professor 7 · 0 0

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