My company is not VAT registered. Am I correct in assuming that I can not charge VAT to my customers?
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If so, where does the VAT take is share?
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Answer:
A few daft answers here. If you are NOT VAT registered you cannot charge vat. You cannot claim back vat on purchases either. That's it. Simple. UK
Paul at Yahoo! Answers Visit the source
Other answers
UK VAT threshold is currently £77,000 per annum. That means if your turnover is below this you do not have to register for VAT. You cannot charge your customers VAT either. You will have to pay VAT on any expenditure you have, but this amount will be included in your annual accounts so your expenses against turnover will be higher than if you were VAT registered. If unsure, speak to a local accountant or contact business link.
Stan Yates
If you are below the VAT registration threshold of £77,000, you don't have to register for VAT but could do so voluntarily. Until you register, you don't charge VAT to your customers, nor can you claim back VAT you have paid on supplies. Read HMRC's introduction to VAT at http://www.hmrc.gov.uk/vat/index.htm
Jo W
You do not have to be VAT registered until your turnover for the year is £75,000. You will have to charge VAT to your customers, but you cannot provide them with a VAT number. You can also not claim VAT back. You should show the HMRC your books and and they will calculate what you must pay. You CAN trade.
The Drunken Fool
no just because you rnot registered for VAT doesnt meant that at all. basically it means that you cannot claim back VAT on ANYTHING you buy or spend out on, you still have to charge your customers VAT unless your in a position to pay it all to the HMRC yourself !!!
starlight
Um, you can't trade until you are VAT registered.
Bostonian In MO
The government is entitled to its share [the VAT] whether you are actually registered or not. When they discover that you've been doing business without registering or filing the VAT returns, they'll want all their money, plus interest, and fines -- even if that drives you out of business and seizes all your assets. get registered immediately -- your competitors can be counted on to turn you in even if your customers keep silent.
Spock (rhp)
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