VAT registered?

Ironic Namesake · 4 Sep 2007 at 23:50

Just have a couple of quick questions for anyone who has a VAT registered company in the UK

1. How long did it take you to get your VAT number?
2. Are you able to get monthly instead of quarterly VAT returns?

Thanks in advance

Cyber-Mav · 5 Sep 2007 at 00:47

took just over 1 month for me to get my vat registration sorted, and i went for the annual returns option, less work each quarter.
i don;t think monthly returns are possible but i will have a word with my accountant to find out.

Beansprout · 5 Sep 2007 at 01:57

1. About 3 weeks, although last I heard they're quite busy now so probably 4 - 5 weeks or so

2. Don't think so - we do quarterly

Ironic Namesake · 6 Sep 2007 at 08:53

Thanks for replies, sorry - misworded the second question.

I know it is possible to have monthly VAT returns, just wondering if anyone managed to actually be able to get monthly returns

Adz · 6 Sep 2007 at 09:04

Why would you want monthly returns? Surely you're just making more work for your accountants?

Ironic Namesake · 6 Sep 2007 at 09:50

Because I will mainly be buying in UK/outside of EU and exporting , and waiting 3 months for each return can seriously harm cashflow

Hagel · 6 Sep 2007 at 09:51

OoOverclockaoO said:
I know it is possible to have monthly VAT returns, just wondering if anyone managed to actually be able to get monthly returns

Yes - I do the book keeping for a few companies and two of those submit monthly VAT returns.

It wasn't a problem to switch from quarterly to monthly, just have to keep on top of the book keeping

Adz said:
Why would you want monthly returns? Surely you're just making more work for your accountants?

The two companies that I submit monthly returns for always reclaim VAT on each submission, therefore it is beneficial to submit them more frequently. There's very few industries whereby most of their purchases include VAT (that can be reclaimed), but the majority of their sales are zero rated, but in these cases, monthly VAT returns are the way forward.

tb2000 · 6 Sep 2007 at 10:02

Can't say about how long it takes to become registered as when I worked with my dad he had become VAT registered many years before.
I know that he only ever did quarterly returns though.