VAT registration classifications

[John Childs]

I didn’t know either, so I put it down as advertising.

The classification is only for the benefit of civil servants, so who cares anyway?

😀

[L J.]

Simon,
72600 other computer related activities.
quite agree with john though.
L J

[Simon Clayton]

Cheers Guys,
It was them that give me that code, by the description of the work i do.
(Even though i don’t do metal fabrication?)
Good to know it don’t really matter…was worried they could do you some way, like if they owe you money (which they will, with the first return i do), bit like the insurance companies any excuse not to pay.

Thanks

Simon

[L J.]

You should find that the vat guys are usually very helpful over the phone when you have any questions. My wife keeps the books for my business & her own & seems to be on 1st name terms with them.
Also if they owe you money it is in you bank within 3 weeks of filling in your vat return.
So in other words if you don’t mess them about, they don’t mess you about.
But if they think you are hiding something, you will never shake them off your back. It will also cost you thousands to prove your innocence, the stories i have heard would frighten you to death.
It appears they don’t have to prove you are guilty, but you have to prove your innocence.
Best of luck,
L J

[Vince Francis]

We are listed under plastics! even though we manufacture in metals!!

(hot) (hot) (hot)

[Vince Francis]

quote :

But if they think you are hiding something, you will never shake them off your back. It will also cost you thousands to prove your innocence, the stories i have heard would frighten you to death.
It appears they don’t have to prove you are guilty, but you have to prove your innocence

I joined about 4 years ago Federation of Small Businesses. They offer free legal advise for members etc etc. Best thing of all, you are covered by them for £50k against VAT or Inland Revenue investigations!

Worth getting in contact with, and its not expensive

Vince

[L J.]

Thanks for reminding me about them, someone else told me about them a while ago & i had forgotten about it since.
L J

[Gary Davis]

out of interest is anyone voluntary VAT registered?

Is it worth it if your turnover is under the compulsory turnover?

[Simon Clayton]

I am… spoke to the VAT people and they said it would be worth it, as i buy in quite a bit of stuff.
I’ve just bought a new van and can claim back all the VAT.
A little more paper work but that sould be fine

Simon

[Jim Clough]

I’m registered although I’m under the threshold. At the moment all my customers are businesses who can reclaim vat. I can offset all my supplies/equipment and most expenses against what I have to pay.
It all depends on your circumstances.

Cheers
Jim

[L J.]

yes i did, about 8 yrs ago not long after i started up.
I decided as a sign maker that we spend too much money on computers, equipment & materials & therefore too much is spent on paying out vat.
Best thing i ever did.
Plus, i may be wrong here, but i find my bigger business customers think more of you & expect a serious sign company to be vat registered.
L J

Also think of all the vat on your van fuel to claim back!!!!!

[autosign]

I’m just about to do this. Do you keep a separate account to pay the vat into? Any other pitfalls?

[Neil Davey]

I’m under the VAT threshold but I’m VAT registered. on my turnover I probably save £3500 in reclaimed VAT and most of the businesses I work for are VAT registered too. So it makes no difference to them really. I also think it makes a better impression on larger companies being registered. It’s a little more paperwork but if you have a good accounting software like Quicken or Clearly Bookkeeping which I run it does your return for you.

[L J.]

speaking of which if anyone is interested in Sage Instant accounting software, i have it for sale. My wife is of the old school she only keeps accounts manually, doesn’t trust computers.
So if anyone is interested, any reasonable offers accepted.
Long John

[asifnmalik]

Always register as a VAT business, the benefits are many. Including looking more professional to customers.