VAT registration: Pls help!

Kaybenson

Recently, i formed a company. I need a service from a third party company which require me to provide VAT registration number.

How long does this take?

In the form i saw on HRMC website, there was a need to have the company bank account which i dont have. Pls advise.

Many thanks

paddyrg

1) Do you NEED to be VAT registered?
2) Do your circumstances make it better to be registered?
3) A supplier needing your VAT number? If 1) and 2) are 'no', just tell them you don't have one yet.

Is the supplier a UK supplier?

InsideInsurance

If you have a Limited company then it needs to have its own bank account anyway as your money and its money are legally totally separate as it is a legal entity in its own right.

The reason to register or not for VAT should be taken on something much more meaningful than a potential suppliers form requesting it.

Kaybenson

Thanks folks.

1) I will eventually need a VAT registration

2) The supplier is a US company but have branches here.

3) At the moment, i have bad credit(No CCJ), just trying to rebuild. I am NOT sure bank will open a business account. I just need a basic one with no facility.

Cheers

podperson

Are you sure they NEED you to be VAT registered or did they just ask because most companies are? I work in an accounts department and I ask new suppliers for a VAT number but if they're not VAT registered it's not a major problem.

Kaybenson

podperson wrote: »

Are you sure they NEED you to be VAT registered or did they just ask because most companies are? I work in an accounts department and I ask new suppliers for a VAT number but if they're not VAT registered it's not a major problem.

Thank you for this. That might be the issue.

Cheers.

steve1980

Unless your turnover is £63,000 then you do not need to register for VAT.

What sort of bad credit do you have as it's not advisable to run a personal account as a business account. HSBC are offer 18 months free banking at the moment.

paddyrg

Kaybenson wrote: »

2) The supplier is a US company but have branches here.

I just need a basic one with no facility.

Any business account will be 'basic' anyway, so nothing to worry about. Most banks offer 18+ month freebie periods.

US company - VAT is irrelevant.

Kaybenson

steve1980 wrote: »

Unless your turnover is £63,000 then you do not need to register for VAT.

What sort of bad credit do you have as it's not advisable to run a personal account as a business account. HSBC are offer 18 months free banking at the moment.

Defaulted on 2 of my cards few years ago and i have been paying them now.

Kaybenson

paddyrg wrote: »

Any business account will be 'basic' anyway, so nothing to worry about. Most banks offer 18+ month freebie periods.

US company - VAT is irrelevant.

But credit check has to be done. Isnt it?

paddyrg

The account will be the same as you get aged 16 for personal banking - no credit available, just a cashcard and basic banking facilities, and a chequebook with no guarantee card. Maybe a debit card too.