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VAT is it attached to business or idividual
spaceinvader1
Posts: 7 Forumite
in Cutting tax
Hi
If someone is self employed (sole trader) and registers for VAT is the VAT applicable to the business or the indidual.
eg If Mr Gates has a business ' Gates Supplies' and this is registered for VAT but then also has another stream of income (income 2) nothing to do with 'Gate supplies' . Then should mr gate charge vat on both busineses ?
If someone is self employed (sole trader) and registers for VAT is the VAT applicable to the business or the indidual.
eg If Mr Gates has a business ' Gates Supplies' and this is registered for VAT but then also has another stream of income (income 2) nothing to do with 'Gate supplies' . Then should mr gate charge vat on both busineses ?
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Comments
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Yes, it is the individual who is registered so you charge on both enterprises.0
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Having said which, there are circumstances in which it is perfectly possible for the same person or group of people to trade one business VAT-registered and a different business non-registered. Naturally care has to be taken over this, otherwise there would be billions of UK businesses all with sales of £72,000, just under the £73,000 limit.
If this was the idea behind your post, PM me and I'll send you a useful link.Hideous Muddles from Right Charlies0
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