vat registration query

manukev

Registered User
Messages
68
hi all,
having become unemployed recently i have been thinking about starting up a small business (tyre fitting) working from home as i need to buy equipment i would be better to register for vat.however as it could take a while to get the business off the ground i would still have to go back working as a p45 employee,can i work on my p45 and also be registered for vat while trying to operate the business which will probably be evenings and saturdays to start with
 
Yes you can be both a PAYE worker and self employed running your own business at the same time
 
Talk to an accountant. If this is only part time income, you may not reach the threashold for registering for vat, and would not be obliged to register. Registering voluntarily for vat might seem like a good idea to claim back vat on the necessary equipment, but you will have to charge vat on all sales and pay over any excess vat to revenue every 2 months.
 
i do intend talking to an accountant its just to have an idea of what i am talking about when i do.i would hope that if i follow this up it will eventually be my main source of income i just need to be working to back it up initially as i cant afford to sit back and wait for it to generate one.thanks