How To Know Correct VAT Registration Number?

Business advice on VAT and Company Registration number.?

• I am going to start my own business in retail. I want to purchase my products first and build up enough to put in a shop that I will run when I find a place, But alot of Wholesale websites require a VAT and Company Registration number before I can buy? I am aware that I need to register my business, but I am still in full time employment saving money for the stock. Will I have to quit my job, take out a loan and register my business? Or can I still register my buisness while working and only purchasing the stock at the moment. Please help

• Answer:

  A company registration number is only relevant to limited companies. The majority of businesses are self-employed sole traders or partnerships, so clearly you cannot be required to provide a company registration number. Similarly, VAT registration is not mandatory until you are turning over at least £68,000 per year. Many businesses are VAT registered but not all, so I doubt they would make a VAT number a requirement. It is likely that they are asking for these numbers to get as much information about you as possible, but I can tell you from experience that plenty of wholesalers are willing to sell without either of them. Assuming you are going to be self employed there is no requirement to register your business. All you need to do is inform HMRC that you are self-employed so you can pay the correct NI contributions and so that they send you a tax self-assessment form. You will be deemed self-employed as soon as you start doing business related things such as buying stock. And you can be self-employed at the same time as being employed, just the same as you can have more than one job.