Small business VAT regsiter

Mikeandrach

Hi, I have a full time job and want to start a small business on the side.

I will be buying/selling furniture and other small items. I have found some storage on which VAT is charged.

Is there a minimum amount of turnover I need to do to be able to relacim vat? I realise I will also ave to pay vat on my sales (as second hand items, will it eb vat on the profits rather than full price?)

Also, as an aside, I recently bought a pick up truck. The pick up is for my business but may also see some personal use. I have a receipt for the pick up, it was usedbut was vat qualifying, is paid £7k plus vat. Can I reclaim some/any of the vat on the purchase of this, even though I purchased it effort eoffcially starting the business/vat registering myself?

Thanks

Mikeandrach

Sorry about all the typos! Still getting used to the iPad!

asajj

I'd check HMRC website as they have all the relevant and latest info for this sort of stuff. Also tax sub-forums might be a better place to ask.

SkippingOctopus

The vat threshold is about £82k i believe, but the exact amount should be on hmrc, they are actually much more helpful than you would think on the phone too, as long as you are polite (should go without saying lol)

As for the van, you may be able to put a portion of the expenses as tax deductible, ****** is a good place to start


*** sorry im on a new account and cant post links yet, but google hmrc self employed expenses