If I become VAT registered, what and how oftem will I have to account for this?

Question

More imprtantly, does it cost anything, and do I have to do these accounts if I am not trading?

Answer 1

It costs nothing to register, but you must be a business. (ie Trading)

Returns are (at your choice) monthly, quarterly or annual.

You will have to pay 7/47ths of your turnover to HMRC, less all VAT incurred (purchases and expenses)

Answer 2

Once you register for VAT you are well and truly in the system. You will receive a form from them every 3 months which you will have to fill in and return even if you are not trading.  Speak to a small business advisor before you go down this route.

Answer 3

It doesn't cost you anything to register.  You have to complete a VAT return every 3 months.  Have a look at www.hmrc.gov.uk