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01 Sep 2012 07:59 PM #1
Benefits of VAT registration below the threshold - Advantages of registering voluntarily
Hello everyone,
Recently I have successfully registered as a sole trader. A dear friend told me that I could register for VAT, and that this would have added advantages. However, as far as I know I shouldn't register for VAT until I reach a turnover of £77.000.
Can I register for VAT, and what would be the added advantages?
ThanksWant To Be An eBay Powerseller?This is the Service You Need.
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19 Sep 2012 11:10 AM #2
Hi Gamble,
Welcome to Wholesale Forum
VAT registration is required for UK businesses with a taxable turnover above the £77.000 turnover threshold, however you can also register your business for VAT voluntarily. In many cases it is NOT advantageous for a business to register for VAT in advance, however there are indeed advantages if you decide to register your business for VAT in advance. Have a look at some of the advantages explained below:- Enhance your business image
- Increase your sourcing success
- VAT refunds
And finally;- Avoid a financial penalty
If you want to find out everything there is to know about VAT and registering your business for VAT, we suggest having a look at the following link from the HMRC website:Hope this helpsOver 150,000 Verified Sources + Deals 95% Off MSRP + Free Website!WholesaleMod
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07 Jan 2013 09:34 AM #3
Hello, I have read the above post and am unsure about something.
If I register for VAT, but do not have a turnover > £77.000, do I still have to charge my customers VAT?
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05 Jul 2013 02:51 AM #4
Benefits of registering VAT
Hi,
The advantages of registering voluntarily are:-- Avoiding Financial Penalties:-The obvious advantage of voluntary VAT registration is you won’t have to worry about passing the threshold or notifying HMRC in time.
- Boosting Your Business Profile :-Voluntarily registering your business for VAT might give the impression that your business is bigger and more successful than it actually is.
- Easing Business Dealings:-The advantage of voluntary VAT registration is you will be issued with a VAT registration number and can more easily deal with external businesses.
- VAT Refunds:-Another advantage of voluntary VAT registration is the ability to claim VAT on goods and services purchased for your business.
- VAT Registration Number:- Voluntary VAT registration means you’ll get a VAT registration number.
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