VAT Registration

[ultimasimon]

I have just opened up a new company and because I will be dealing with expensive machine parts and with European business suppliers, I need to be registered for VAT.

I have already filled out VAT1 and been called by the IR to clarify some business points.

The question I am seeking the answer to is how long can I expect to wait before they issue me with a vat number?

I have my first two orders lined up and I am very excited about the prospect of dealing with majaor companies in what I hope to be a lucrative and exciting new business, but as with most things government I fear it may take some time.

Simon

[Big Al.]

Did you want this in the business forum?

[ultimasimon]

Oops, please Al

[Big Al.]

[Size Nine Elm]

Had the same situation earlier in the year, and was advised to issue invoices, including VAT, but without a VAT number, but put 'VAT number to be issued, invoice will be resubmitted'.

Didn't have a problem, VAT number took 6 weeks to come through. Sent out copies fo invoices with the correct VAT number.

Depends how friendly your customers' accounts departments are.

[ultimasimon]

Ok thanks for the info. I need to look like an established player in the specialist machine parts sector so I don't want to have to put "VAT number pending" or similar on my quotations.

So I guess I will have to wait 4-6 weeks for the 'official number'.

[apeebles]

Yep I can confirm 6 weeks. I started trading last week and I only received the number on the Friday before which was just in time.

It was a shame that they had the number but would not tell my accountant over the phone what it was. Ie. I could have printed my stationery and sorted out tills without having to panic about it and wait for the letters.

Good luck with the business by the way and let me know if you need any design, website or print producing.

[ultimasimon]

apeebles said:

Yep I can confirm 6 weeks. I started trading last week and I only received the number on the Friday before which was just in time. It was a shame that they had the number but would not tell my accountant over the phone what it was. Ie. I could have printed my stationery and sorted out tills without having to panic about it and wait for the letters. Good luck with the business by the way and let me know if you need any design, website or print producing.

Thanks, I may well need some of your services. I have already bought the domain name and will be looking for an e-commerce setup although simply on a one page site.

My customers are 60 day accounts which is a bummer but the 50% deposit with order goes a long way towards stock buying. As you say I also do not want to accept any orders without my vat number being firmly visible on all my stationery.

Also I have two other companies running and I wondered if I can use the same vat number for those as well? I have heard conflicting views.

My missus is worried that I am spending too much time as it is with my businesses and not enough with the family. Fortunately I am typing this on a wifi laptop in the bath as she hasn't found my laptop hiding place yet Some of my best business is instigated in the bathroom

Maybe she is right but she doesn't mind spending the money

[Eric Mc]

Group Registration is an option open to those who are running a number of companies. As well as the benefit of having just one number, it also means that you can Zero Rate transactions between the companies in the group.

[nicholas blair]

If your importing from Non Ec Europe (Switzerland), you may want to look into VAT deferment.

[ginettag27]

You may also want to look at 'flat vat' as well.. Quite good, depending on how much VAT you think you're likely to claim back...

hth

[vex]

I am sure I was told my VAT number over the phone by the VAT office, when they rang me to confirm some details.

It then to 2 or 3 week for the real one to come through.

[ultimasimon]

Ah I think I will ring said establishment as see if they will give me one over the phone, that would certainly help.

Thanks

[alexg]

Six weeks is about average. Flat Rate VAT has a maximum annual turnover of £150k, which might be too low for a business importing expensive machinery.

cheers

alex