Balloon Chat

Uncategorized Boards => Topic/Discussion Of The Month => Topic started by: Tatkemp on June 28, 2013, 10:01:56 AM

Title: VAT etc. . .
Post by: Tatkemp on June 28, 2013, 10:01:56 AM
I'm just in the process of setting up!

I'm planning on doing centrepieces as well as balloon modelling at kids parties. But how does that fit in with VAT - would I need to charge it on the centrepiece can I charge it as a sole trader or do I need to start up as a company?

Blargh at it all being so complicated!
Title: Re: VAT etc. . .
Post by: Graham Lee on June 28, 2013, 10:40:23 AM
If you are starting up I would assume you do not need to pay VAT. You can volunteer to pay if you like or also pay a flat rate VAT as well which does help some.
It is only compulsory when you hit about £68,000. I think? But that is on buying in stock as well, best find yourself an accountant.
Title: Re: VAT etc. . .
Post by: Roger on June 28, 2013, 11:31:13 AM
Hi are you in the UK?
if so I would go to your bank and ask to see the small business adviser its free, and you should get all the help you need re starting a business.

You have to turnover a lot before you get involved in VAT.
Title: Re: VAT etc. . .
Post by: Tatkemp on June 28, 2013, 12:05:39 PM
Great thanks guys :)
Title: Re: VAT etc. . .
Post by: Tatkemp on June 28, 2013, 12:11:50 PM
Just found a page detailing the VAT thresholds its now £79,000 - I'm not going to get close to that!! :)