vat registered

[DONNA1458]

if you bought a business and it needed to be vat registered how do you get vat reg and do you have a tax break for your first business year. TIA

[CheekyChops]

Advise your local VAT office. Advice and links here.

And here for details on tax.

[bill preston]

great advice from cheekychops,but can i ask a question?

have you got an accountant in place yet as these people will deal with everything and also make sure if its done right, but before you hire them first ask for their fee breakdown and a one off cost to deal with the VAT.

i think ...but i may be wrong, the only tax break you get in your first year is when you set up a LTD company.

[DONNA1458]

hi bill ...it will be a cafe that is up and running already, it will be in his name and he will keep his current job and become vat reg and ill be an employee or would it be best to go in as partners and me become vat reg?TIA

[buildersmate]

You get a VAT break of 1% in the first year of VAT registration. I think it is intended as a 'compensation' for the pain and cost of establishing what to do. It certainly works for Ltd Co. but also for self-employed VAT registered individuals as well.

[bill preston]

if your going into partnership i would be very careful as to why he is willing to let you become involved with such little business acumen to offer. please don't be offended by my comment i am only looking out for you.

i would strongly advice you contact a solicitor and an accountant, have a good look at the past books and make sure they are not cooked.

if your going into a 50/50 partnership make sure its set in stone and also make sure your not buying yourself into someone Else's debt book!!

please be careful........ my business keeps it head above water and because of that i don't want a partner, if i needed to offload some pressure i would employ a manager!!

[DONNA1458]

my boyfriend will be the partner with me he is putting all the money in so think i am safe there but will get both sol and accountant thanks for your advise been a great help fingers crossed now :)