I have a VAT registration number which I have provided to client co. Looks like I need to do a bit more before I am registered for flat rate - does that mean I am losing out on the 20% - 14.5% until then?
Or does it mean I will lose the money only if the flat rate registration is still not done by the time the VAT is actually paid - err, there is something called the VAT quarter end, right?
If the quarter doesn't matter and only the date of the invoice matters - then would it be fine if I don't raise invoices until I am registered for the flat rate?
Also, is it right that VAT registration and flat rate registration are two separate activities that need to be done? (I am not sure if I filled in a choice when doing the initial VAT registration on the HMRC website.)
(I don't have an accountant yet. Will be appointing one ASAP.)
Thanks for your help!