newly self employed?
I am due to register for self-employment next month. I am currently purchasing tools in preparation for this.
Can I save my receipts to claim the VAT, even though I am not registered yet?
- 1 decade agoFavourite answer
Always always get receipts ! even for the trivial things.
I'm sure you can claim them as a start up asset.
Keep all domestic bills in order too as you can claim back on those aswell
Best thing to do is talk to a buisness startup advisor.
- Paul SLv 51 decade ago
if you intend to register for VAT as well then yes keep them.
registering for VAT is seperate from registering as self employed.
I think you can claim for the past 6 months worth of receipts before you are registered for VAT
just keep in mind you can register for VAT at anytime, but you have to charge VAT on your sales. which probably isnt worth doing at this stage unless you think your annual turnover is going to be over £63,000.
i would get advice from an accountant for a one off fee.
you dont want to end up paying over VAT to the VAT man unless you have too.
from a tax point of view, keep the receipts as they will form part of your accounts.
- 1 decade ago
Yes, you can. However, do you need to register for VAT? If your customers are the general public, remember that you will have to charge an extra 17.5% in VAT. If you don't have a lot of start-up costs, stock to buy or high overheads, then it may be better not to register. If your customers are primarily businesses, then assuming that they are VAT registered, it would be advantageous to register. Consult an accountant, or visit www.magicspreadsheets.com
- Anonymous1 decade ago
You cant claim the Vat unless you become Vat registered...!
If you are only registering for self employment next month, are you going to register for VAT...?
Ask your accountant if you need to register for VAT..!
Allways keep receipts anyway, whether for VAT purposes or Self assesment...!Source(s): Accountant...! email me if you need any clarification...!
- What do you think of the answers? You can sign in to give your opinion on the answer.
- DoodieLv 61 decade ago
Yes, keep all receipts and hand them to your accountant when you become VAT registered
- ScarlettLv 41 decade ago
Yes you can. Just file them and hand them to your accountant who should be able to get you some tax releif.Source(s): Accountant.
- 1 decade ago
keep all bills .
- LillyBLv 71 decade ago