- Small businesses and start-ups need to consider VAT at some point
- Consider registering for VAT if income is above £90,000 pa of taxable supplies
- Advantages of VAT registration include VAT recovery on expenses and business gravitas
- Disadvantages include administration costs and potential additional costs to customers
- Non-registered businesses can still save VAT by using non-VAT registered suppliers
- Recover all pre-registration and/or pre-incorporation VAT
- Ensure VAT liabilities are correct, especially for businesses with complex VAT liabilities
- Consider recovering VAT incurred elsewhere in the EU
- Pay proper attention to VAT by keeping up to date records and submitting VAT returns on time
Source: marcusward.co
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.
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