Wilky
pfm Member
Although you can register for VAT from the off (even if your yearly sales end up below the VAT threshold for the year), bear in mind that the current VAT threshold is £68K. You would need to look at the probability of hitting that mark.
That would mean selling a combination 100+ Rubicons or 600+ Shoebox cases (or other products that you have in the wings) in your first financial year.
As others have said, you will able to offset you input VAT (purchases) against the output VAT (sales) and be liable for the difference.
Whatever, best of luck with your new business.
Dave.
That would mean selling a combination 100+ Rubicons or 600+ Shoebox cases (or other products that you have in the wings) in your first financial year.
As others have said, you will able to offset you input VAT (purchases) against the output VAT (sales) and be liable for the difference.
Whatever, best of luck with your new business.
Dave.