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Post Info TOPIC: Vat Registration
ADAS


Guru

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Vat Registration
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Hi folks, hopefully someone can help with with this because I've not come accross this situation before.

I have a client who was a sole trader and his t/o was within a few thousand of the registration threshold but never went over it. In May this year he's converted the sole tradership to a Ltd Company.

How does this affect the monitoring for compulsory registration? Does the 12 month period continue to role over or does monitoring effectively start again at the date of incorporation?

Any help is much appreciated.

Regards
Tony,

-- Edited by ADAS on Monday 16th of August 2010 02:08:16 PM

__________________
Tony

Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
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Wella


Expert

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Posts: 2256
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Hi Tony

VAT is based on the turnover of the entity so it should start over. It is the limited company that is liable for VAT not the shareholder or director

For example if an individual works for himself and has two businesses then the combined turnover is used, if they are also a member of a partnership that is not included as the partnership is a seperate entity.

HTH
Bill

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ADAS


Guru

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Posts: 827
Date:
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Thanks a lot Bill.

I *felt* that would be the answer but appreciate the help.

Tony.

__________________
Tony

Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
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