I purchased a franchise about a year ago and am considering voluntary registration for VAT, backdating registration to the time of purchase. Sales and expenses are such that it would be worth my while to do so. Is there a catch?
I'm particularly concerned about future VAT. The franchise may well fail and I may have little output VAT to declare in the future. Will HMRC take a dim view of this when it becomes apparent - their being out of pocket - and what should I declare on my VAT registration form?
Any help very much appreciated.