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Vat registration waiting times!
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emsywoo123
Posts: 5,440 Forumite
Hi
I have just registered online for VAT, and according to their website, it takes 1-6 months:eek::eek::eek:
Now I have read that I can invoice inc VAT and explain then re-issue when registered, but I'm not sure how keen new customers are going to be on this.
Does anyone know, is this a time they quote to err on the side of caution, or does it really take this long?
Thanks:o
I have just registered online for VAT, and according to their website, it takes 1-6 months:eek::eek::eek:
Now I have read that I can invoice inc VAT and explain then re-issue when registered, but I'm not sure how keen new customers are going to be on this.
Does anyone know, is this a time they quote to err on the side of caution, or does it really take this long?
Thanks:o
0
Comments
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Hi,
I registered on 31st October and had all the paperwork by 6th November. Very impressed.
If it doesn't come through you can putting "awaiting registration number" on invoices and advise of the registration number retrospectively. Most companies will hold back on paying the actual VAT until the number is verified and so it does add time and effort to their processes. Give it a couple of weeks and then ring them if you haven't heard and they'll probably be able to advise a more realistic timescale.
KJ:A Let us be grateful to people who make us happy: they are the charming gardeners who make our souls blossom. Marcel Proust :A0 -
Hi,
I registered on 31st October and had all the paperwork by 6th November. Very impressed.
If it doesn't come through you can putting "awaiting registration number" on invoices and advise of the registration number retrospectively. Most companies will hold back on paying the actual VAT until the number is verified and so it does add time and effort to their processes. Give it a couple of weeks and then ring them if you haven't heard and they'll probably be able to advise a more realistic timescale.
KJ
Thank you. Do you find that companies will still pay invoices without the actual VAT number? I was hoping to start trading in 7 weeks.......0 -
You'll probably have it in comfortably within 7 weeks. If you just start trading then your invoices will be going out later than that as well maybe.
I know with my business I can put awaiting on invoice. They give me non-VAT amount and then when I have the reg no they pay the back VAT. But I only deal with 1 or 2 clients and that would have been agreed up front. As it was I got the number within a week and so it became a moot point. But I have authorised payments for others on that basis when on the buyer end.
Seriously let them get back to work and call on the 18th if you havent heard. Its in their best interest to get you set up cos that way you're bring in valuable revenue for them.:A Let us be grateful to people who make us happy: they are the charming gardeners who make our souls blossom. Marcel Proust :A0 -
Thank you kissjenn, I'll do that0
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I had mine within 2 weeks. If your worried, ring up and ask them for your VAT number.Kind Regards
Bill0 -
Mine took an age to sort and i had to prove that i was trading by sending copies od invoices for purchases/sales but got it sorted in the end. As i only operate b2b i simply invoiced wthout VAT but added a note to say VAT registration applied for and a VAT element only invoice would be sent as soon as registration complete. All of my clients were happy with this, but they did hold off paying until they had recieved the VAT only invoice.0
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Mine took 3 weeks there as other people I was aware of at the same time took 6 weeks to 3 months.I'm not cynical I'm realistic
(If a link I give opens pop ups I won't know I don't use windows)0 -
HMRC are fairly quick at this sort of thing (ie, it involves money coming into the treasury so they don't usually hang about)....but if you are in a high risk trade sector such as mobile phones or microchips then you could be waiting a VERY long time.
The average turnaround is about 2-3 weeks...obviously Christmas slows things down a little but not that much overall.
Whilst awaiting your VAT number you can either :-
1. Cost of service/goods = £100 but you raise an invoice for a flat amount of £117.50 (which is £100 + 17.5% VAT) and when you get your VAT number you raise a VAT only invoice for £17.50
2. Cost of service/goods = £100 but you raise an invoice for £100 only and inform client a VAT invoice for £1.750 will follow once you have your VAT number.
If your customers are mainly B2C then go for option 1, if your clients are mainly B2B then go for option 2.Anger ruins joy, it steals the goodness of my mind. Forces me to say terrible things. Overcoming anger brings peace of mind, a mind without regret. If I overcome anger, I will be delightful and loved by everyone.0
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