fairy&cake Posted October 19, 2007 Share Posted October 19, 2007 Hi gals and guys. Im writing a business plan and doing some research for a business im hoping to start next Jan-March. Does anyone have info on Vat registering and Business Registering? Thanks !!! From a very stresed Laura x Quote Link to comment Share on other sites More sharing options...
AMO Posted October 19, 2007 Share Posted October 19, 2007 Hello We recently set up our own business and found this website invaluable!. There is loads of help and people you can call for help along the way. www.hmrc.gov.uk Plan ahead early to register as a company - we started the company back in Feb/Mar but it took nearly 12 weeks for our VAT number to come through due to the backlog This held up some parts of our startup as some companies would not do business with us unless we were VAT registered. They also offer free workshops to help you get started. Please PM me if you need any further info - we've probably covered most issues!! Good luck with the venture! AMO Quote Link to comment Share on other sites More sharing options...
fairy&cake Posted October 19, 2007 Author Share Posted October 19, 2007 Thanks!!! Ive added you to MSN also. Quote Link to comment Share on other sites More sharing options...
Looney Posted October 19, 2007 Share Posted October 19, 2007 Ooh Laura, how exciting! Wishing you lots of luck and success, can't wait to hear what your plans are. I have no idea about registering a company I'm afraid. A friend of mine has recently done it and I seem to remember him saying it took ages for them to settle on a name. Good luck Quote Link to comment Share on other sites More sharing options...
AMO Posted October 19, 2007 Share Posted October 19, 2007 Thanks!!! Ive added you to MSN also. I'll add you to mine. Quote Link to comment Share on other sites More sharing options...
Clash City Rocker Posted October 19, 2007 Share Posted October 19, 2007 I was told I'd be VAT registered from May 2007, when I got confirmation from the vatman at the beginning of May the date had become April 2007. I had already sent out invoices to customers for April without VAT. I then had to re-invoice with the VAT added to the new invoices to some customers who had already paid me. It didn't cause too many problems, just a little embarassing. I prepare my monthly figures income/expenditure etc but still pay my accountant to complete the VAT return (currently every 3 months) I keep one day every month as a "work from home VAT/Invoices/Payment day" (usually on a friday)! Job & Finish !!! . Quote Link to comment Share on other sites More sharing options...
starboyhull Posted October 21, 2007 Share Posted October 21, 2007 If you need anymore advise we have done it quite a few times now having various types of businesses, so if there is anything either of us can help with just ask...... As for registering a company have a look here http://www.uk-plc.net/startup/ we use them for our company secretary work and registered office, they are really helpful. Registering for VAT can take months so if you think you will need to be do it from the start, if you are thinking of starting up early next year, I would think about registering soon as possible as it can be very inconvenient if they drag their feet over it........Last time we registered a company for VAT it took about 4 months and that was only last year....... Good luck with it and if you need any help or advise give me a shout.... Karl Quote Link to comment Share on other sites More sharing options...
Karen & co. Posted October 21, 2007 Share Posted October 21, 2007 What an exciting venture I haven't done anything like that, but my sister has and I'll ask her for you if that's any help? karen x Quote Link to comment Share on other sites More sharing options...
Sheilaz Posted October 21, 2007 Share Posted October 21, 2007 .....just to add yes, you must register a new business or there's a fine. But, a small business doesn't have to be registered for VAT if the turnover is below a certain threshold. Under this amount (whatever it is, I'm not up to date) it's voluntary. So for example, for very small scale retail or service, you may be better off not having to charge customers VAT if there won't be much to claim back. Of course, above the threshold, you must be registered & charging. Sorry, no idea if this applies to your venture, just thought I'd mention it. Best wishes. Quote Link to comment Share on other sites More sharing options...
starboyhull Posted October 21, 2007 Share Posted October 21, 2007 If you will be dealing with other businesses I would say its almost a must. We try not to deal with any company we cant claim vat back from......But if your dealing with general consumers it can be an advantage not to be registered........I think the turnover is something like £65,000??? not 100% on that though...... Quote Link to comment Share on other sites More sharing options...
Clash City Rocker Posted October 22, 2007 Share Posted October 22, 2007 Don't know if you're aware of this (I wasn't). I got a £100 fine off the Inland Revenue for "failing to notify the Inland Revenue that you had commenced self employment within the first three months following the month in which your self employment commenced." Agree with starboy the turnover is around £65,000 again the Inland Revenue will let you know!!!! and 40% tax is around £38,000 ? Quote Link to comment Share on other sites More sharing options...
craftyhunnypie Posted October 22, 2007 Share Posted October 22, 2007 I can recommend the government website, straight forward easy to follow. I also found the Inland Revenue very very helpful whenever I have rang them. But yes make sure you register! Good luck in whatever you do! You'll be choosing your hours, your holidays, your suppliers & you get quite a few perks like free pens & diaries with your company logo on! Oh and don't forget once you are registered as a business, you will be able to get trade price / wholesale on almost everything - take advantage of this - you'll find that you'll be able to save alot on stationary prices and consumubles by bulk buying at wholesale price. Any clues as to what you'll be doing - sorry I'm being nosey! Emma.x Quote Link to comment Share on other sites More sharing options...
DizzyLizzie Posted October 22, 2007 Share Posted October 22, 2007 Hi The inland revenue run some free courses - I went on one before I registered as self employed and it was really helpful. They also dished out a useful folder. You can phone your local office and find out if/when they are running the courses. Quote Link to comment Share on other sites More sharing options...
fairy&cake Posted October 22, 2007 Author Share Posted October 22, 2007 I can recommend the government website, straight forward easy to follow. I also found the Inland Revenue very very helpful whenever I have rang them. But yes make sure you register! Good luck in whatever you do! You'll be choosing your hours, your holidays, your suppliers & you get quite a few perks like free pens & diaries with your company logo on! Oh and don't forget once you are registered as a business, you will be able to get trade price / wholesale on almost everything - take advantage of this - you'll find that you'll be able to save alot on stationary prices and consumubles by bulk buying at wholesale price. Any clues as to what you'll be doing - sorry I'm being nosey! Emma.x a fabric and craft store Quote Link to comment Share on other sites More sharing options...
