VAT Account

Have just applied to be registered for VAT and have set up a new busines bank account. Do i need or would anyone recommend setting up a separate VAT account to put all my vat payments into?

tia

Highly recommended, dont start without it.

and just transfer all the vat into it on receipt??

thanks for the reply

If you think you might use it for something else accidently or otherwise then setup a separate account. Or if you have a lot of payments going into your business account then setup a separate one...

I tend to have a small number of payments per month so its easy to keep track of what is a VAT component and what is not.

As calculated by yourself from vat collected and vat paid, basically putting vat, due to be paid to the Revenue into seperate account, keeps it from being used as part of your turnover, WHICH IS FATAL ! Keep the Revenue happy