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Autumn News
It's A Date
When you are starting or growing a business, getting your VAT registration right is very important. If you register too early, you have to account for VAT on sales that could have been VAT-free. If you register later than the law requires, you can suffer a penalty. And you might want to register before you have to so that you can claim back VAT on start-up expenses. A couple of recent cases have shown that you can't change the date once you've sent the form in - traders lost out because they had incurred VAT too long before the date they put on their VAT 1 form, so they couldn't get it back.If you are not registered for VAT but you think you might have to or want to in the future, it's important to think carefully about the right date to pick. We will be happy to advise you.