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Post Info TOPIC: start up entrepreneur and vat registered business
limpbizkit


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start up entrepreneur and vat registered business
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confuse
hi to all
im new to this ,so please bare with me.
i have recently bought an long run business of 23 years (pizzeria) were was vat registered .
at the time of the signing procedure i have not took over the vat number .the account was showing above 2000 a week taking but due to numerous chipys opened who does pizzas too the over all taking is close to 1500 now. overhead is around 500 pound and i have only 2 part time staff.i was wondering do i have to be vat registered ? would the government let the new business starters like me breath for a bit ?or do i have to register straight away and then explain the situation to vat people?
please can i get some adviseeeeeeeeee im confused :(


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kjmcculloch


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Try this simple series of questions, at the end it will tell you whether or not you need to register. Looking at the figures you have provided I would say that you should be registered.

http://www.businesslink.gov.uk/bdotg/action/layer?topicId=1073863071

Kris

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gbm


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Your t/o looks like £1,500 x 52 = £78k, and the VAT reg threshold is £71k. I would suggest getting advice from an accountant. Your best bet may be closing for a session or two - not ideal, but just by tripping over the VAT threshold, you will end up with an annual VAT bill of £10,500 (the VAT included in £71k), with very little in input VAT to offset.

Unfortunately, the VAT registration threshold is simply on turnover and not profit.


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kjmcculloch


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Can I just clarify that the current VAT threshold is £70,000.

Kris

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Kris McCulloch 
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The views expressed in this post are my own personal (HRA protected) views, and are not representative of any organisation I have any involvement with.
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