Potential benefits of voluntary registration
Cashflow advantages can be obtained by being able to charge VAT on your sales and claim back VAT on your purchases. For example:
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- selling zero-rated items and buying standard-rated items you would receive a VAT refund from HMRC.
- if you are not likely to sell anything during the initial VAT accounting period, you can still claim VAT back on your purchases.
- you have the use of the VAT your customers pay you before you have to pay it to HMRC.