Whitey started this topic @ 22:28 on 06/02/2005
Hello,
I am going to start a business online as a sole trader but I was wondering whether VAT applies to sole traders? Also how do you go about declaring VAT to the tax man?
Any help much appreciated, thanks.
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RE: VAT - Sole Trader
James Smith | 15/02/2005 11:06 AM
Didn’t see your post in here
VAT does apply to sole traders - the threshold for registration is £58,000. If your turnover is less than this then you have the option to register or not.
In a nut shell if you sell to the public this is probably not a good idea. If you sell to other VAT registered businesses then it probably is. have a search for old posts on this topic if you need to look at whether or not to register.
Regards,
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James Smith
Chartered Accountant
www.jamesesmith.co.uk
01235 536 773
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Your indispensable guide to Small Business Bookkeeping, Self-Assessment & VAT
