Registration for VAT can either be compulsory or voluntary.
In any case, you are able to claim back the VAT which you are charged on, for example telephones, instruments, etc. that are used in your business. However, this then means you also have to charge VAT on your fee for every gig and handle the considerable amount of bookkeeping involved.
Whilst VAT registration can be voluntary, you are obliged to register in the following circumstances:
Please remember that HMRC will levy penalties for failure to register and for the late submission of Returns.
We have experience with the process of VAT registration and should you consult with us, we are able to examine and explain the benefits and pitfalls of VAT registration and also explain an accounting system beneficial for you.
Let Finnies handle your VAT registration. Contact us today.
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