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Customers grumbled but everyone apart from one refused to pay extra. I just passed the blame staright onto HMRC for their higher bills saying my hand was tied as I wanted togrow the business!
BTW if you do register, you can back-claim all capital items that you still own 3 years prior to VAT registration. I did this, got a £3k payout from my first quater, then purchased a new van and other capital items and got a £2k payout the following quater. This is completely legal and supported by documentation supplied by HMRC and can be done even if you have already taken into account capital allowances on your self assessment.
Good eh?
Being VAT reg doesn't makes you any cheaper to commercial customers.
Not all commercial companies are VAT reg for example those linked to the NHS.
Only go VAT reg when your turnover reaches the required level or if you want to reclaim VAT back on a large purchase.
For small businesses look at the 10% scheme
You can run two businesses with one being VAT reg but you must be very careful and to be honest it probably isn't worth the hassle.
Most clients would accept the price increase but yes there will be some who may object.
Commercial clients do look upon you more as a "real business" if VAT reg but if you are not at the level of turn over to warrent going VAT reg you probably wouldn't be looking at these larger contracts anyway.
Being VAT reg is a pain and does incur a little more admin and accountancy fees.
Best bet is to speak to your accountant.
Most accountancy firms will charge a slight premium if you are LTD and or VAT reg. however I have seen some companies offering a flat rate fee but personally I prefer a more one on one relationship with my accountant and the indepth service they provide.
I've just joined the flat rate scheme where I pay 9% on all income, it now takes me about half an hour to do the accounts. It works out I am paying about the same as the original scheme. You can still claim vat back on single purchases over £2000.
Saved me a lot of time, can see it not being suitable to everyone though.
Nick Hill said:
and yes you claim the vat back on purchases over £2000
-Nick