06-17-2005, 04:49 AM
Hope Pracs's explanation will suffice. I would like to add something on the VAT side
If you are VAT registered, you can also claim any input VAT suffered on all purchases/expenses.
Please make sure that you keep copies of supplier invoices incase you are planning to opt for voluntary VAT registration. You can go back upto 6 months prior to VAT registration to claim any input tax suffered.
You can get further information on VAT from
www.hmrc.gov.uk
Considering you are a consultant, I would also advise you to read IR35 rules as well.
Kind regards
"You don't get to choose how you're going to die. Or when. You can only decide how you're going to live. Now."
If you are VAT registered, you can also claim any input VAT suffered on all purchases/expenses.
Please make sure that you keep copies of supplier invoices incase you are planning to opt for voluntary VAT registration. You can go back upto 6 months prior to VAT registration to claim any input tax suffered.
You can get further information on VAT from
www.hmrc.gov.uk
Considering you are a consultant, I would also advise you to read IR35 rules as well.
Kind regards
"You don't get to choose how you're going to die. Or when. You can only decide how you're going to live. Now."
