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Essential Tips for Small Businesses and Start-ups to Navigate Taxation Successfully

  • Small businesses and start-ups need to consider VAT at some point
  • Consider registering for VAT if income is above £90,000 pa of taxable supplies
  • Advantages of VAT registration include VAT recovery on expenses and business gravitas
  • Disadvantages include administration costs and potential additional costs to customers
  • Non-registered businesses can still save VAT by using non-VAT registered suppliers
  • Recover all pre-registration and/or pre-incorporation VAT
  • Ensure VAT liabilities are correct, especially for businesses with complex VAT liabilities
  • Consider recovering VAT incurred elsewhere in the EU
  • Pay proper attention to VAT by keeping up to date records and submitting VAT returns on time

Source: marcusward.co

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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