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Urgent Vat Advice Needed For Newbie Please
STRAWB
Posts: 314 Forumite
in Cutting tax
Hi, We are self-employed partnership, and have run a successful Ebay and Amazon shop in the sportswear and equipment line. I have always just kept under the VAT registration limit. This Xmas it was manic and I soared over the limit. Although things have quietened down abit again, I just applied to register.
This all looks rather scary, and if I register I won't be able to be as competitive.
I really dont know how to go about all this. Its going to be almost impossible to invoice every customer so I thought maybe I'd use the flat rate scheme, but realised they take 15% of turnover rather than profit and you cant claim back any input tax, so I'll be well out of pocket by thousands!
I thought maybe if I can prove that I can stay under the threshold at a later date then I could be exempt from applying but I rang the helpline and they weren't very helpful.
If I did manage to invoice every customer, do I charge VAT on p&p? and what can I claim back?
Is there anyone out there that could offer some useful advice and guide me in the right direction?
Thanks in advance.
This all looks rather scary, and if I register I won't be able to be as competitive.
I really dont know how to go about all this. Its going to be almost impossible to invoice every customer so I thought maybe I'd use the flat rate scheme, but realised they take 15% of turnover rather than profit and you cant claim back any input tax, so I'll be well out of pocket by thousands!
I thought maybe if I can prove that I can stay under the threshold at a later date then I could be exempt from applying but I rang the helpline and they weren't very helpful.
If I did manage to invoice every customer, do I charge VAT on p&p? and what can I claim back?
Is there anyone out there that could offer some useful advice and guide me in the right direction?
Thanks in advance.
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