- Small businesses and start-ups need to consider VAT at some point
- Consider registering for VAT if income is above £90,000 pa
- Advantages of VAT registration include VAT recovery on expenses and business gravitas
- Non-registered businesses can still save VAT by using non-registered suppliers or non-EU suppliers
- Consider appropriate simplification schemes like Flat Rate Scheme or Cash Accounting
- Recover all pre-registration and/or pre-incorporation VAT
- Ensure VAT liabilities are correct, especially for complex businesses
- Claim VAT incurred elsewhere in the EU
- Recover VAT on road fuel or motoring costs by keeping detailed records
- Remember that VAT on business entertainment is usually not recoverable
- Pay proper attention to VAT by keeping up to date records and submitting VAT returns on time
Source: deeksvat.co.uk
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
