Any Leeway with registering for VAT?
Discussion
Im an electrician (LTD company) of which 50% is domestic customers and 50% vat registered businesses.
Im not currently Vat registered, I knew I've been getting close to the £85K threshold. And was thinking of going registered start of next year.
I have just worked out if I invoice any more work this month, I will go over the threshold between end of Dec 2017 to end of Dec 2018.
I probably have around £4K more to invoice this month.
So do i either have to register immediately?, or stop invoicing - and invoice in Jan?
Or is there any Leeway in regards to registering?
One other issue if I have to register immediately, is I have ongoing domestic work what was quoted at nil Vat, so would end up losing out if I now have to charge Vat on this. So would be good to get these jobs completed and invoiced before registering.
Cheers
Im not currently Vat registered, I knew I've been getting close to the £85K threshold. And was thinking of going registered start of next year.
I have just worked out if I invoice any more work this month, I will go over the threshold between end of Dec 2017 to end of Dec 2018.
I probably have around £4K more to invoice this month.
So do i either have to register immediately?, or stop invoicing - and invoice in Jan?
Or is there any Leeway in regards to registering?
One other issue if I have to register immediately, is I have ongoing domestic work what was quoted at nil Vat, so would end up losing out if I now have to charge Vat on this. So would be good to get these jobs completed and invoiced before registering.
Cheers
Thanks guys, my accountant is looking into it for me, but suggested I will most likely need to register from the new year!
He looked into having 2 companies for me a while ago, but suggested unless I have 2 vans, 2 sets of tools, 2 sets of insurance etc, then it wouldn't go well if I got an inspection... Plus he would have to charge me for 2 companies
On the plus side it looks like I can claim back the Vat on tool purchases etc for the last couple of years, plus 6 months of services. Which should add up nicely.
However, my van is on a finance lease, im guessing I can only claim the vat back for the last 6 months on this?
Even though I can own it at the end after the balloon payment?
He looked into having 2 companies for me a while ago, but suggested unless I have 2 vans, 2 sets of tools, 2 sets of insurance etc, then it wouldn't go well if I got an inspection... Plus he would have to charge me for 2 companies
On the plus side it looks like I can claim back the Vat on tool purchases etc for the last couple of years, plus 6 months of services. Which should add up nicely.
However, my van is on a finance lease, im guessing I can only claim the vat back for the last 6 months on this?
Even though I can own it at the end after the balloon payment?
Eric Mc said:
Contract Killer said:
Thanks guys, my accountant is looking into it for me, but suggested I will most likely need to register from the new year!
He looked into having 2 companies for me a while ago, but suggested unless I have 2 vans, 2 sets of tools, 2 sets of insurance etc, then it wouldn't go well if I got an inspection... Plus he would have to charge me for 2 companies
On the plus side it looks like I can claim back the Vat on tool purchases etc for the last couple of years, plus 6 months of services. Which should add up nicely.
However, my van is on a finance lease, im guessing I can only claim the vat back for the last 6 months on this?
Even though I can own it at the end after the balloon payment?
When did you start the van agreement?He looked into having 2 companies for me a while ago, but suggested unless I have 2 vans, 2 sets of tools, 2 sets of insurance etc, then it wouldn't go well if I got an inspection... Plus he would have to charge me for 2 companies
On the plus side it looks like I can claim back the Vat on tool purchases etc for the last couple of years, plus 6 months of services. Which should add up nicely.
However, my van is on a finance lease, im guessing I can only claim the vat back for the last 6 months on this?
Even though I can own it at the end after the balloon payment?
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