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sole trader plus vat

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mckeever | 20:10 Wed 24th Jan 2007 | Business & Finance
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I f i was to set up a business as a sole trader, would it best to be vat registered or not?
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Avatar Image Oneeyedvic
What sort of business is it?

If you are dealing with businesses, then it may well be worth going VAT registered, but if you are dealing with the general public (eg a builder, electrician etc) then don't go VAT registered unless you go over the VAT threshold (around �55k per year turnover.
20:21 Wed 24th Jan 2007
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I will be buying from business but selling to the public. this is where i have the dillema. if i sold an item for �117.50 without vat, would i then have stand the vat myself. meaning i only make � 100 for the sale?
20:31 Wed 24th Jan 2007
Avatar Image Oneeyedvic
That is correct - so it is not normally worth it.
22:15 Wed 24th Jan 2007

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