VAT and non-registered business

VAT and non-registered business

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I've just recently incorporated from a sole trader business over to a ltd. company and I'm struggling to find the answer to how business expenses (relating to the non vat registered ltd. company) are accounted for.  

As a sole trader, who wasn't vat registered, I was able to claim the whole of any legitimate expense against income; i.e. net profit = gross income - total expenses (which include any vat charged on those expenses).

Does this same principle apply to a non vat registered ltd. company?  i.e. can vat essentially be ignored if you're not vat registered?  (and trading under the vat threshold obviously)

Thanks in advance for your help!

Regards,
Ian

Replies (4)

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By User deleted
25th Sep 2013 15:28

Yes

But that's the only free advice you'll receive from this person :)

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By Chris Smail
25th Sep 2013 15:28

Yes

Just do everything gross and keep an eye on your turnover

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By User deleted
25th Sep 2013 16:49

Whilst not wishing to cause any offence

I've just fallen off my perch - a one-line response from Basil :)

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By livingstonecreative
27th Sep 2013 10:08

Thanks everyone

Thanks for responding - much appreciated.

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