VAT Exemption First Year

[AmritSktulipij]

Hello Friends,

I am company secretary and looking for advantages that HMRC offers to business in their first year of trading. I know that on VAT new business is charged 1% less,

Any other similar benefits that you can think of.

Thanks in advance.

[WTFH]

Hi Amrit, your accountant should be able to help you out with VAT, corporation tax, etc.

[eek]

+1 ask your accountant. If you don’t have an accountant pick one of the ones who post on here join them and then ask them

From your post you clearly don’t know enough to do things correctly so don’t try to do things yourself.

[Lance]

I know that on VAT new business is charged 1% less,

Only if you're on the flat rate scheme. Whether you should do that is more complex than just 1% extra profit. It depends on the type of business and how much you will be spending on items that have VAT added.

As others have said, and more will say, you need an accountant before you make the wrong decisions.

[cojak]

You can find more information on VAT here.

VAT and the Flat Rate scheme :: Contractor UK

[administrator]

Hello Friends,

I am company secretary and looking for advantages that HMRC offers to business in their first year of trading. I know that on VAT new business is charged 1% less,

Any other similar benefits that you can think of.

Thanks in advance.

Why, are you starting a new company having paid yourself redundancy and closed the old one? Please do not use multiple accounts to post on the forum, this account has now been locked so log in with your original account if you want to carry on posting on here.