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The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> Bookkeeping VAT
Post Info TOPIC: Bookkeeping VAT
Jay3


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Bookkeeping VAT
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Hi,

My Ltd isn't VAT registered.  Is there a need to book keep VAT separately at this stage?

Thanks,

Jay3



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matt123


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No there isn't but I have seen one or two people doing it to see what there VAT situation would look like if they were registered.

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Matthew
FoxAccountancyServices


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Do you have mainly VAT registered clients? Or mainly non VAT registered? If you sell to VAT'ed clients, you add 20% on to your current fees, and they don't mind because they can claim it back.. you, on the other hand, get the benefit of reclaiming 20% on your purchases.. just a thought.

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Jay3


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Thanks this is helpful.

I sell to non vat registered individuals.

Jay3 :)

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FoxAccountancyServices


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Hi Jay

Then you want to delay as long as possible! Until you hit the VAT threshold (on a rolling 12 months), you keep all the figures gross, no VAT separation necessary. As Matt says, as you start approaching the threshold, you might want to keep a separate record doing a VAT split, to get a feel for how it will affect you.

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