VAT registration...

RoadHouse Retro Co is now VAT registered. this means 15% VAT will be charged on all parts and labour...

lifes a bitch!

better get me done quickly then before the vat changes back.

Jay Jay wrote:

better get me done quickly then before the vat changes back.

Why is it romoured it's going to or you just speculating?

They only put it down in December didn't they and they said it would be like it for 13 months

Anyway if you had to VAT register business is obviously going well so congrats on that.

Lily Bus wrote:

Anyway if you had to VAT register business is obviously going well so congrats on that.

Er no it's not actually, basically i didn't realise that the VAT threshold was worked out on a 12 month rolling period so even though i took the money and banked it for the 67 White westy Stu now owns in april 2008 and thought it was ok as it would go on my next business year... this has all only just come to light and basically the VAT man is telling me i have to back date my VAT registration to Nov 2007 and and pav VAT on turn over form then up till now and carry on until i can prove my turnover is back under the threshold of £66k which it has been for the last 10 months but i have to provide the paperwork to show them that before they will deregister me...

so that's 17.5/15% on 16 months of turn over which i never charged but they tell me i have to pay

i can claim back the vat on parts etc that i've bought in that time but it's still going to run into thousands of pounds they will want imediatly

makes everything i've worked for in the last 5 years seem like a complete waste of time

Oh sh!t not good