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VAT threshold and compliance


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Ladies and gents, I’m new so be gentle. I will be speaking to my accountant on this subject however I want to learn first what is needed and the route experienced developers use.

 

I’ve been running a small limited company under the Vat threshold selling classic American cars. I have now changed my direction to residential renovations (buy to sell). I have just completed my first project/sale at £108,000.00. This puts me over a normal VAT threshold. Do I have to register for VAT returns or does this not trigger that as there is no VAT on the sale?

 

Is there any advantage to going VAT registered to claim VAT back from suppliers?  

 

Any advice on this would be much appreciated.

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19 hours ago, ross connolly said:

Ladies and gents, I’m new so be gentle. I will be speaking to my accountant on this subject however I want to learn first what is needed and the route experienced developers use.

 

I’ve been running a small limited company under the Vat threshold selling classic American cars. I have now changed my direction to residential renovations (buy to sell). I have just completed my first project/sale at £108,000.00. This puts me over a normal VAT threshold. Do I have to register for VAT returns or does this not trigger that as there is no VAT on the sale?

 

Is there any advantage to going VAT registered to claim VAT back from suppliers?  

 

Any advice on this would be much appreciated.

 

Hi Ross,

 

I was advised that you do not need to be VAT registered.  A quick google search has said similar, but may be worth chatting to your accountant though.

 

Darren

 

www.fmp-investments.com

www.f-m-p.uk

Facebook Page - FMP Ltd

property@f-m-p.uk

I am looking for private financing

with a 10% ROI - get in touch

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4 hours ago, darren mcneill said:

 

Hi Ross,

 

I was advised that you do not need to be VAT registered.  A quick google search has said similar, but may be worth chatting to your accountant though.

 

Darren

 

www.fmp-investments.com

www.f-m-p.uk

Facebook Page - FMP Ltd

property@f-m-p.uk

I am looking for private financing

with a 10% ROI - get in touch

 

Thanks Darren, you're a gent 

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