There can be increased admin and bookkeeping costs. Although this needs to be done for your annual accounts anyway and there is software to help you - such as the VAT feature in our Business Toolkit. How do I register for VAT voluntarily?
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Non-necessary Non-necessary. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website. Thanks Michelle. However, to be absolutely certain that this applies to all of the products you buy and sell, I would strongly advise contacting HMRC for a definitive answer.
The number to call is: If you do not receive a refund or hear back from HMRC within 30 days, you should contact them. Best wishes. I am a LTD company as an agency worker. Can you please advise if it would be a good idea to voluntarily register or would I open myself up to having to pay VAT somewhere along the line? Dear Shane Thank you for your message. We are not accountants so cannot advise on what would be best for your specific circumstances. What I would note is that if you register for vat then you need to pay and charge vat on everything your company does which falls within the scope of vat.
Kind Regards. However, if you register yourself on flat rate VAT scheme, then you can get some benefit. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Post comment. Skip to content. The 1st blog. Search blog: Search:. Pros and cons of voluntary VAT registration 24 Jun Table of Contents.
Related posts. Dividend tax — a complete guide August 30, An essential guide to company car tax August 8, How to reduce your Self Assessment payments on account August 8, The key benefits of being VAT registered include:. Those are the positives, and it sounds pretty attractive, right? This can be tedious and time-consuming, but also highly complex for certain businesses and sectors. So, what are the negatives of becoming VAT-registered? Once you start looking into it, there are quite a few which could impact your decision.
Important negatives to think about include:. The VAT rate is likely to go up in the coming years to pay for the enormous amount of Coronavirus financial support the government has paid out. Talk to an adviser before you make any decision about getting VAT-registered and get some solid advice on the pros and cons.
I know of many companies that have incorporated and automatically registered when there was no real positive to doing this. So, make your decision wisely, keep an eye on your business performance and use VAT as a positive, not a negative drain on time and resources. Connect on LinkedIn. Gary provides a full range of management, commercial and accounting advice to his clients.
He has specific experience and a keen interest in advising fast growth start-ups, and enterprises in the publishing, travel and commercial property sectors.
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