V.A.T

[LYT4X]

Originally Posted by spink

Dont forget the benefits of being vat registered though,ie claiming back the VAT on just about everything you buy,business related or not

If you have ever endured a VAT inspection (I've had 4 in 12 years) you would know that it isn't as easy to do this as you might want to believe. The phrase employed is "wholly and exclusively for business purposes". If it isn't, then you will be hit for six by HMRC. I'm pleased to say that I've never had to worry about this as I take my VAT responsibilities very seriously. It simply isn't worth trying to abuse the system.