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Reply to: Question about VAT
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Previously on "Question about VAT"
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http://customs.hmrc.gov.uk/channelsP...ument#P22_2088
Have a look through the above. Software development should count as a service, and services to the US do not have to have VAT added on them. You'll have to note it in your turnover though.
I believe you can also request to be exempt from VAT registration if all your income is vat exempt.
Bear in mind IANAA so talk to your accountant, and/or the VAT help line to verify everything, you don't want to screw about with the VAT man, he is not a nice person to annoy.
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Originally posted by d000hg View PostThe current threshold when you have to register for VAT is £64,000 if I understood correctly. My clients are mostly in the US which means there is no concept of charging them VAT (I think) which means I don't want to pay VAT until have to, since I have very few expenses.
My question is, if I were to pass the threshold by having a turnover of £65,000 do I pay VAT on everything or on everything over the threshold?
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But if I sell my services (software development) isn't this always subject to VAT? If my client isn't VAT-registered I just have to eat the VAT myself don't I, instead of passing it on to the client? I thought the £64,000 was for turnover of all kinds, not profit.
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Originally posted by d000hg View PostThe current threshold when you have to register for VAT is £64,000 if I understood correctly. My clients are mostly in the US which means there is no concept of charging them VAT (I think) which means I don't want to pay VAT until have to, since I have very few expenses.
My question is, if I were to pass the threshold by having a turnover of £65,000 do I pay VAT on everything or on everything over the threshold?
Leave a comment:
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Question about VAT
The current threshold when you have to register for VAT is £64,000 if I understood correctly. My clients are mostly in the US which means there is no concept of charging them VAT (I think) which means I don't want to pay VAT until have to, since I have very few expenses.
My question is, if I were to pass the threshold by having a turnover of £65,000 do I pay VAT on everything or on everything over the threshold?Tags: None
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