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What is the difference or benefits of being VAT registered vs not being VAT registered?
Businesses are legally required to become VAT registered once they hit a certain threshold of annual turnover (£85,000 per annum).
If you are VAT registered:
• The amounts quoted by the system must be treated as VAT inclusive.
• You can then claim back the VAT charged on our commission as well as on parts.
If you are not VAT registered:
• You do not include VAT within the amount charged
• You can’t reclaim VAT on your costs