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Post by allysw on Sept 11, 2017 14:34:43 GMT
Hey, I’m opening a startup in the UK. The problem is that I’m new to this country, and there are so much to learn about it’s taxation policy and business operation. For instance, I am interested right now is registration for VAT obligatory. Are there any benefits of registering? Found a pretty decent website. They promise to help with the whole process from beginning to end. But I’m still doubting whether I can do everything by myself. Thanks a lot.
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locutus
Member of DD Central
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Post by locutus on Sept 11, 2017 14:37:07 GMT
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shimself
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Post by shimself on Sept 18, 2017 11:41:36 GMT
Hey, I’m opening a startup in the UK. The problem is that I’m new to this country, and there are so much to learn about it’s taxation policy and business operation. For instance, I am interested right now is registration for VAT obligatory. Are there any benefits of registering? Found a pretty decent website. They promise to help with the whole process from beginning to end. But I’m still doubting whether I can do everything by myself. Thanks a lot. If your turnover is higher than a certain amount you have to register. REGISERING IS GOOD IF you buy a lot of stuff, things, services, then you can reclaim the VAT, which is good news (your supplies get 16.7% cheaper). REGISTERING IS BAD IF you sell to ordinary people then your price is really what they can pay, they don't care about VAT, but you have to give 16.7% of each and every sale to HMRC (government). (If you sell to business then they don't care because they reclaim it anyway ) But that's just a generality, it doesn't apply to all situations. Google startup small business advice.
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