So, what is the impact of VAT registration on your business. That is what I am looking at in podcast episode 127 of I Hate Numbers. There will be changes, and in the words of Charles F. Kettering “People are very open-minded about new things, as long as they’re exactly like the old ones.”
So, what changes when you become VAT registered?
🍨Mindset change – you’re now an unpaid tax collector, no salary or fringe benefits
🍨Pricing conversations and decisions to be had, unless you want a declining bank balance and lost custom
🍨Profitability, not a dirty word, no profit, no business
🍨Processes and procedures will change, or rather they need to
Overview of VAT
Sweet and sour, ice cream and toothache, pleasure and pain is what it feels like for many businesses once they become VAT registered.
VAT, and dealing with it feels like one of the biggest business brain squeezes and changes for business owners once they join the exclusive (?) club of 2.7 million VAT registered businesses.
If you’re a VAT newbie, it can be daunting – It’s important to understand what changes you will face. Even seasoned members of the VAT club feel that they need that occasional lie-down.
So, if you’re feeling a bit of pain and pleasure when it comes to VAT registration, don’t worry, you’re not alone. Millions of businesses go through the same thing. In this episode we chat about what you can do to make the process a little less daunting and help you get your head around VAT. We also answer some of your questions so be sure to listen in for more information. And remember, if you need any help with registering for VAT or anything else related to your business finances, our team is here to support you every step of the way.
Check out my I Hate Numbers YouTube channel, Subscribe to I Hate Numbers now so you don’t miss an episode. My book, I Hate Numbers will change your relationship with numbers and money, in a good way. Check out what people have said, buy the book and make your own mind up, you won’t be disappointed.