jxm28788 started this topic @ 13:16 on 23/09/2004
I currently run my present business through a Ltd company which is VAT registered.
I also have an idea for a couple of 'micro' businesses (in a separate business field to my main business) which would pull in maybe £20k each (turnover) per year.
I am just wondering if I can run these two businesses as a sole trader (or other?) rather than through my ltd company, and if so would I have to charge VAT on my products?
I would have thought that if the two businesses came in under the mandatory VAT registration limit (what is that these days?) I would not have to charge VAT. Because my purchase cost is fixed and my sale price is fixed (by compeition) it would make a big difference to my profitability not to have to charge VAT...
so to summerise...
1) can I be a ltd co director and sole trader at the same time?
2) can I be VAT registered (ltd) and not VAT registered (sole trader) at the same time?
I'm guessing yes and yes, but an experts opinion would be better... 8)