I'm close to the VAT threshold and will soon need to be registered. I'm stuck on how to deal with the deposits I've accepted on products before being registered.
I sell pre-order retail products where some of them can be 5months to even 2 years until they release, I don't pay the distributors for any of the products until release date (this is where I'm stuck)
Some customers pay the 25% deposit (and the rest on release) some pay full in advance. I've reached out to HMRC VAT help online twice and got no response, it's now been two months. I anticipate I'll need to register for VAT after Xmas so I want to do it as soon as possible and much prefer to avoid a phone call.
Thanks for any help.