VAT registration advice required please

Discussion in 'Growing and Managing a Business' started by jinty, Mar 24, 2013.

  1. jinty

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    Dec 27, 2012
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    Hello all you wise finance folk

    I am starting up my patisserie, supplying desserts to pubs, restaurants and caterers. I really don't have a great deal of business savvy when it comes to the nitty gritty about financial legalities.

    I know that I don't legally have to register for VAT until I reach a certain turnover threshold, but would it be to my advantage to register anyway. Would it make more business deal with me if I was VAT registered or does it not make that much difference?

    Also is there a website or link that explains to me in black and white what has VAT applied and what dosn't?
    eg. If I am providing food to the person thats will consume it ( buffets tea parties etc) I think VAT is applicable.

    but if I am supplying a product to be sold on (restaurants) I don't think it is applied?

    As you can see I'm a little confused about it.

    Also a wise associate once told me, that it makes sense to register for VAT if you pay it on your supplies but don't have to charge it on your end product.

    All advice gratefully recieved - TIA :)

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