Registering for VAT early, pros and cons?
I have only been selling for 2-3 months and have started small to learn the system.
I’m just looking for a little advice on registering for VAT, to me it seems a bad idea to register before hitting the £80k per year threshold but will this hold me back from making larger wholesale orders? Will they demand a VAT number or will another tax/business number be sufficient?
How have other people approached this issue?
Thanks
0 replies
Seller_esvgLzKXw2YAl
Unless you are selling zero rated goods, forget about registering for VAT until you need to.
There is absolutely no reason why you cannot make larger orders from wholesalers etc because your not registered.
There is simply is no issue here.
Registering, will increase your costs a fair bit. So unless there is some other overriding reason to do so, you don’t.
Just for info, the threshold is currently £84k and is a rolling period, of the prior 12 months turnover.
If your concerned about it, then you need to speak to an accountant.
And just in case, if you are not UK based and are storing stock here, there is NO threshold. You must register immediately.
