For quite some time I have managed to hold a well paid full time job and in the extra time do allot of other work. These are clients that are happy to pay me cash and take the VAT hit on their expense because they are happy with my prices and the quality of my work.
It has come to a point where more and more people are coming to me willing to pay more but want a VAT Invoice. I have gone through the gov.uk site and tried to make sense of how I should deduct VAT.
Fair enough- They say I should not register for VAT if I earn less than 75k a year but I can if I want to self assess my self if I earn less than that. On a side note a friend of mine wants to partner up with me. He travels around Lithuania, Sweden and Poland and wants to also issue VAT Invoices and help fund a company.
On a note of finances I understand that who ever registrs for VAT is responsible to keep the books up to date and is fully liable for any penalties- I am just trying to find out how to do this properly but not full blown company.
- If i register for VAT does that mean I have to assess absolutely everything my self, my full time job and all my freelance work?
- Is it possible to run some sort of micro business in EU/UK and only record transactions for the "business" Should i/we register somewhere.
- Can I issue VAT invoices for my friend so that a comapny in the EU Zone can get VAT refunds (I also read on gov.uk that a partnership can be simply formed by verbal agreement- any thing larger needs to be contractaully agreed)