hi all thanks for taking the time and any relevant advice (good/bad) taken
planning to start on my own in about 12 months
would you say that it would be a good idea to start a ltd co now and get fuel card account sorted so i can build up some banking history ■■
or would you advise waiting till i get my own vehicles
i currently put quite a bit of my own cash in fuel and reclaim at end of week so could clock up a few hundred pound of fuel in a week £600 in a week is not unknown.
could also get my brother to do the odd run for me in a hire van ■■
sounds like a very good plan to use the fuel card to build up trust and get your credit limit built up. If your going to do that then i think a ltd company and vat registration are a must then if an opportunity should arise you can grab it.
There is no lower limit on VAT registration. You don’t have to register for Vat if your turnover is below £67,000. However you can register, regardless of turnover.
jc69817:
all constructive comments welcome
many thanks
in all honesty… no joke retrain and become a plasterer instead. how much is a bucket, trowel and bag of plaster compared to truck, tax, insurance and diesal. im not joking all the money you saved for your venture put into retraining and become a plasterer instead.
work to suit yourself your at home every night and earn a boat load more than driving. dont forget all the cash in hand and also every job is at least £200 for a days graft.
I had a hell of a job registering for Vat this time round compared to the first time, basically you’ve got to prove what your expected Minimum Turnover is, anything below £35k and you cannot take advantage of the reclaiming of VAT.
Its still not something somebody should let putting them off, the only advantage of being Vat Registered is the thought of getting one over on the tax man when in reality they still get it back
I.E you buy something say stock for £1k and reclaim the Vat £175.00 but when you sell it for £1500 you pay the Vat man the tax for £1500
Tax on Fuel can be reclaimed but you have to show where its used etc
Derv-head is exactly right. You are only REQUIRED to register for VAT when your turnover exceeds 35 grand PA, but you can voluntarily register if your turnover exceeds 50p…(or any other tiny figure you care to mention) When I ran a computer company, we were VAT registered, and I don’t think our annual turnover exceeded 20k at any point.
The best advice I can give you is get the info from the horses mouth, not the back end. Questions regarding VAT registration, in my humble opinion, should only be directed to a qualified, chartered accountant, or in fact Customs & Excise themselves. I have (very recently) gone through the process of VAT registration. Both my accountant and C&E’s Advice Line were instrumental in ironing out any problems.
With regards to fuel cards, I would talk to one of the many established providers.
For any other advice (such as the construction of business plans, etc.), Business Link offer free, impartial and often invaluable guidance.
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The best advice I can give you is get the info from the horses mouth, not the back end. Questions regarding VAT registration, in my humble opinion, should only be directed to a qualified, chartered accountant, or in fact Customs & Excise themselves.
Cant agree more…
Me and the inland revenue have not always seen eye to eye in the past
but the advice/help they give now to self employed and freelancers is easy to understand, (even I got it ) and they will give advice without wanting to know your inside leg measurement like they did in the past.
In short the Inland Revenue are making huge efforts to HELP people register, understand the rules and alowances and pay, rather than the old way of just screwing them over with mind numbing baffling forms
im not joking all the money you saved for your venture put into retraining and become a plasterer instead.
) and they will give advice without wanting to know your inside leg measurement like they did in the past.