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VAT - to be or not to be?

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Olly LawerVAT - to be or not to be?
by on Oct 17, 2011 at 11:12:25 am


I have just switched accountants and he has informed me if I want to claim back all the VAT from my equipment purchases, I need to do so before Feb 2012.

I have worked out the figure to be £1,600. Not to be sniffed at. However, this will push up my prices, or lower my income. I never intended to go VAT registered as my business has always been part time (to a day job), but now I have started full time.

Mostly doing corporate job with small to medium businesses with a mix who are VAT registered and not. I may (if money gets tight) branch into weddings too, where VAT registration will hamper me.

Of course if everything goes swimmingly and I earn over £63k I'll have to anyway! Plus apparently (seeing as I don't buy much stock) I can set up a scheme where I don't claim the VAT back, but keep a proportion of the VAT I claim.

It seems logical to go VAT registered but I'm worried that I will not be competitive and that it will be a pain to manage. On the flip side I don't want to lose out on £1,600 of all important cash flow now!

Be interested in your thoughts.

PS - My company is not LTD.

Kind regards,

Olly Lawer

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Walter SoykaRe: VAT - to be or not to be?
by on Oct 18, 2011 at 2:48:18 pm

Hi Olly,

You may find better responses to this post in the COW's Business and Marketing forum [link] (though it does seem to skew pretty heavily US).

Walter Soyka
Principal & Designer at Keen Live
Motion Graphics, Widescreen Events, Presentation Design, and Consulting
RenderBreak Blog - What I'm thinking when my workstation's thinking
Creative Cow Forum Host: Live & Stage Events

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Olly LawerRe: VAT - to be or not to be?
by on Oct 22, 2011 at 4:39:12 pm

Thanks I will do.

Olly Lawer

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