VAT registration Mandatory?

[naveensoni]

Hi,

I have opened my own Ltd company couple of months ago... still haven't registered for VAT. Is it really mandatory to register for VAT?

and which one is better?
1. Flat-Rate
2. Normal-rate

Pls advice..

-Thanks
Nav

[expat]

Hi,

I have opened my own Ltd company couple of months ago... still haven't registered for VAT. Is it really mandatory to register for VAT?

and which one is better?
1. Flat-Rate
2. Normal-rate

Pls advice..

-Thanks
Nav

Will you really risk your money, your business, your taxes, and likely a run-in with the law, on the basis of what unidentified strangers on here tell you?

[Alan @ BroomeAffinity]

Speak to an accountant, but

No, you don't need to register for VAT until yout hit threshold of £68,000 (IIRC). If you do register flat rate is probably better, but nor necessarily.

[thunderlizard]

Just1morethan is right about the threshold; and which VAT scheme to go for depends on your kind of business.

oh, and your name is an anagram of Naive Nonse. I had to check Google to make sure you weren't having us on.

[TykeMerc]

Speak to an accountant, but

No, you don't need to register for VAT until yout hit threshold of £68,000 (IIRC). If you do register flat rate is probably better, but nor necessarily.

WHS

Flat rate or standard scheme, it all depends on what your business does and if you're likely to be buying lots of VATable goods/services.
If you're just selling your professional services then odds are the Flat Rate scheme would be advantageous.

[Manic]

But remember there are upper limits for the flat rate scheme. 150k ex VAT and 187ishk incl VAT IIRC.