I have been operating for around ten years and my turnover is approaching the VAT threshold. I am a sole owner/director, and being about 5/6 years from retirement, I'm not sure if I want to increase my workload much more.
That said, I have not put up my costs for some years (well maybe six or seven), and therefore, if I do so, I am likley to break the VAT threshold. I have many VAT registered clients, but also a substantial number not registered - you know the ones, self-employed carpenter, hairdresser and such like.
I guess there are lots out there who have had to register their businesses and it is them that I guess I am directing my questions:
- Did you lose many of your non-VAT registered clients?
- Did you do anything to reduce the potential loss of such clients?
Any bits of advice would be greatly appreciated, so that I can make my decision a little better informed.