I am embarking upon a part time business as of 1st of January. This is work I will undertake in my own time outside of my PAYE job.
Its not clear as yet to what extent this will work out. I had hoped just to do it and not register for VAT but given the nature of the service, It may leave me uncompetitive. Bit of an unknown at the moment, but theres a possibility I could hit the threshold.
Conversely, it could be a waste of time and I would know this fairly early on.
My question is this; If I register for VAT, is there much involved in submitting monthly VAT returns? Any guidelines on how to do this on the web? Or otherwise, is it a case of needing to utilise a bookkeeper?
Lastly, IF a couple of months into the year, I find that things are not going well and it suits me to do so, can I simply deregister for VAT?
Its not clear as yet to what extent this will work out. I had hoped just to do it and not register for VAT but given the nature of the service, It may leave me uncompetitive. Bit of an unknown at the moment, but theres a possibility I could hit the threshold.
Conversely, it could be a waste of time and I would know this fairly early on.
My question is this; If I register for VAT, is there much involved in submitting monthly VAT returns? Any guidelines on how to do this on the web? Or otherwise, is it a case of needing to utilise a bookkeeper?
Lastly, IF a couple of months into the year, I find that things are not going well and it suits me to do so, can I simply deregister for VAT?