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It's a date!

23 February 2010 / Mike Thexton
Issue: 4244 / Categories: Comment & Analysis , VAT
MIKE THEXTON examines the importance of getting the correct VAT registration date
  • KEY POINTS
  • Generally once a registration date has been chosen it is fixed.
  • Some examples of early and late registration.
  • Some recent cases illustrate the points at issue.
  • When will the concession to extend the registration apply?
  • Has there been ‘an element of departmental error’?

When a new business starts or a small business grows registering for VAT is an important matter to get right. If you register before VATA 1994 Sch 1 requires you to and your customers cannot recover input tax you give away an unnecessary amount of your profits (see Example 1).

 

EXAMPLE 1: TOO EARLY
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