Hey guys, here's a link for a video on everything you need to know for Flat Rate VAT: th-cam.com/video/NGjfWusDuN8/w-d-xo.html. Also a heads up, to register for Standard VAT you will need to register for 'Making Tax Digital' and keep digital records. There are plenty of useful software applications for this and the one I found the easiest to use with great customer service is Xero: tidd.ly/3dlN575. It's great and cheap in comparison to most out there and you can sign up for a months trial for free! They also offer tons of other helpful free apps to help with things like stock management, payroll and more :). PS. Thanks for all the comments and I'm happy to help as much as I can so feel free keep them coming!
I recently discovered your channel and I am liking it! Is the GBP 100 tax rebate in your example 9:50 subject to corporate tax? Since the company is taking the advantage of registering standard rate and selling the 0% rated goods. Thank you!
Hi Jeff, You only pay corporation tax on profits so no you wouldn't be directly taxed on a tax rebate, however if the rebate contributed to your profits then you would indirectly be taxed on it. Hope that helps!
Hi Suman, Yes you'll need to file a confirmation statement using your gateway id. It'll cost around £13 and should be updated within a couple of hours. Good luck!
@@TheHolisticHustle thank you so much for your help. I also wanted to know if I can use one business bank account for all the different business I’ll do or do I need to open separate business bank account for all the SIC CODE? Please advice.
Hi, very informative, thanks for sharing! I'm going to setup a company for rental income, should i need to take the VAT option provided by the company formation house? Thanks!
At the moment my fba buisness is still small scale so the vat returns aint too overwhelming and im focusing on the uk market only i only found out i had to do vat return when i missed a deadline which was 10£ but ive been told by GOV i dont have to pay taxes till i make 85k a year but ive been told by them the vat number and vat returns is so i dont have to pay customs import tax
Hey J, Exactly, you don't need to pay VAT until you hit £85k revenue, unless you voluntarily register for VAT which is beneficial in some cases but probs not if you're importing things from other countries!
@@TheHolisticHustle true i had to get a vat number because in december i heard you needed one of one of my suppilers so at the momment im okay i reckon when i get to the 4kto10k a month stage ill have to start getting an account for my vat return
Hey man such awesome content!! Do you do consulting too? :) I was wondering.. why don’t the apps on the app store that have purchasable content (like games) or one time buys like procreate, don’t charge you VAT, even if they do make above the threshold?.. is it something specific to only some products?
My knowledge on apps is minimal but it doesn't like they might be zero-rated.. the rate of Vat they pay depends on which industry the app is in! So if they're educational then they'll be zero-rated 👌
Hi Tayyab, I have a long list of videos to make, however I believe it's quite simple, I've heard it's a quick online application on the gov.uk website, although I haven't claimed for these so I'm not certain 😊
Hey Rodion, you won't need to pay vat unless you have voluntarily registered for it or have surpassed the taxable revenue threshold of £85k per year so I believe the answer for you is no 😊
You're doing it the right way round! I would also advise to start in one country and learn as much as possible before expanding as different rules have different countries and it's likely to be hard to manage all at once. Wish you the best man, and keep me posted on how it goes! Also let me know if you have any suggestions for more videos and I'll add them in the pipeline 🙌
@@TheHolisticHustle great video good content and i would love to see like a dropshipping vat video because ive heard you have to pay vat on dropshipping now when you make a certain amount even though you dont own the products the suppiler does because ive just branched out and started a shopify store as an extra income with my fba and my job
There's no real specifics of Vat to drop shipping companies actually mate, so the normal vat videos would still apply to you. Is there anything in particular you wanted to know?
@@TheHolisticHustle like when do you start paying tax or registering your dropshipping buisness or is it like fba u just register when your reached a threshold The question really is when is the best time to register your buisness im guessing it depends on when im ready
thanks but I have a question. Someone find job for me and I suppose scam and ask her to gave me her VAT number. And when i checked VIES VAT number validation that VAT number it says valid VAT. What do you recommend me?
Hey there, this is a tough one but if it says invalid then I wouldn't take any risks.. Are you able to keep looking? Moreover why do you need their VAT number?
got Q for you pls ..wanted to buy wholesale stuff from America but they asked me for sellers permit ..what is that over here pls ? is that VAT number ? and if it's do I have have to register for LTD company in order to have VAT number ?
Hey! I'm not completely clued up about how things work in America but you shouldn't need a seller's permit to order from America if you're based in the UK. Do they know you're a UK based company? If not then make sure you let them know. No it's not a vat number and you don't need to be a limited company to register for vat. Hope that helps 👍
Hi Umer, Unfortunately I'm unable to guide you and I'd highly advise finding a competent accountant who can do this for you as making a mistake could end up with fines.
If the product is being shipped from China to the EU & the US on baby clothes and goods will VAT need to be paid to the UK if the goods never enter the UK?
Hi Michael, you'll only need to pay VAT to the UK if you are either storing goods the or making sells to UK customers (for example, selling an item and then sending it from US to UK). Hope that helps 🙌
Hey guys, here's a link for a video on everything you need to know for Flat Rate VAT: th-cam.com/video/NGjfWusDuN8/w-d-xo.html.
Also a heads up, to register for Standard VAT you will need to register for 'Making Tax Digital' and keep digital records. There are plenty of useful software applications for this and the one I found the easiest to use with great customer service is Xero: tidd.ly/3dlN575. It's great and cheap in comparison to most out there and you can sign up for a months trial for free! They also offer tons of other helpful free apps to help with things like stock management, payroll and more :).
PS. Thanks for all the comments and I'm happy to help as much as I can so feel free keep them coming!
Love this channel, glad you've started posting again!
Thanks Ahmed, it's hard to get content out whilst juggling everything else but I'm trying as best as I can for you guys 🤗
Totally appreciate that, you bring value and that’s the main thing! ☺️
This is really helpful and it game me a better understanding on how VAT works :) Keep up the good work!!
Thanks Christian.. Glad it helped 👍
such a wealth of knowledge, many thanks and keep up the hustle, invaluable information your dishing out!
Thanks for the comments Eduard! All the best with your business! I'm sure it'll go well 🙌
Great Video, This is exactly what i needed as ive just set up a business and im clueless to this is! I cant wait to watch more
My pleasure Angelo! I'm working on more videos at the moment but in the meantime I wish you all the best with your business 🙌
This is a great video with detailed info. I learned a lot! Keep up the good work
Thanks Mang!
I'm looking forward to more videos like this - very informative.
Thanks Michal, glad you found it useful 👍
Great video and easy to understand how vat works
Thanks Simone 👍
Awesome video. Great explanation. I would love to learn more
Thanks Thorkel, I'm trying to get content out as much as possible. Good luck with your business!
I recently discovered your channel and I am liking it!
Is the GBP 100 tax rebate in your example 9:50 subject to corporate tax? Since the company is taking the advantage of registering standard rate and selling the 0% rated goods. Thank you!
Hi Jeff,
You only pay corporation tax on profits so no you wouldn't be directly taxed on a tax rebate, however if the rebate contributed to your profits then you would indirectly be taxed on it.
Hope that helps!
Could you create a video on how to setup as a sole trader, how you would file for self assessment and any other requirements? love the videos!
Hey Josh,
Thanks for the suggestion, I'll certainly be adding that to the list!
Perfect bro
Cheers Rosto 🙌
Great video I wanted to know if there is anyway to change companies SIC code as I have only entered one I need few in there
Hi Suman,
Yes you'll need to file a confirmation statement using your gateway id. It'll cost around £13 and should be updated within a couple of hours. Good luck!
@@TheHolisticHustle thank you so much for your help. I also wanted to know if I can use one business bank account for all the different business I’ll do or do I need to open separate business bank account for all the SIC CODE? Please advice.
Hi, very informative, thanks for sharing! I'm going to setup a company for rental income, should i need to take the VAT option provided by the company formation house? Thanks!
Hi JL, I don't believe so but it depends on your business and whether you'll have a lot of vat to claim back but I doubt you will.
At the moment my fba buisness is still small scale so the vat returns aint too overwhelming and im focusing on the uk market only i only found out i had to do vat return when i missed a deadline which was 10£ but ive been told by GOV i dont have to pay taxes till i make 85k a year but ive been told by them the vat number and vat returns is so i dont have to pay customs import tax
Hey J,
Exactly, you don't need to pay VAT until you hit £85k revenue, unless you voluntarily register for VAT which is beneficial in some cases but probs not if you're importing things from other countries!
@@TheHolisticHustle true i had to get a vat number because in december i heard you needed one of one of my suppilers so at the momment im okay i reckon when i get to the 4kto10k a month stage ill have to start getting an account for my vat return
Hey man such awesome content!!
Do you do consulting too? :)
I was wondering.. why don’t the apps on the app store that have purchasable content (like games) or one time buys like procreate, don’t charge you VAT, even if they do make above the threshold?.. is it something specific to only some products?
My knowledge on apps is minimal but it doesn't like they might be zero-rated.. the rate of Vat they pay depends on which industry the app is in! So if they're educational then they'll be zero-rated 👌
@@TheHolisticHustle Thanks for your reply! Where is this information available?
its very helpful video, Please make a video on claiming grants, or how forlough scheme works in business, thanks.
Hi Tayyab, I have a long list of videos to make, however I believe it's quite simple, I've heard it's a quick online application on the gov.uk website, although I haven't claimed for these so I'm not certain 😊
Thanks.
My pleasure!
You invested in doodle app, nice bro
Spot on, it's such a great app 👍
Hello mate I started a limited company 12 months ago but haven’t sold an item yet, when I do go to sell stuff on my website do I have to pay tax?
Hey Rodion, you won't need to pay vat unless you have voluntarily registered for it or have surpassed the taxable revenue threshold of £85k per year so I believe the answer for you is no 😊
Very informative through 💎💎i think leaving brexit was a good decision for buisness people but right now i feel safer focusing on the uk market
You're doing it the right way round! I would also advise to start in one country and learn as much as possible before expanding as different rules have different countries and it's likely to be hard to manage all at once. Wish you the best man, and keep me posted on how it goes! Also let me know if you have any suggestions for more videos and I'll add them in the pipeline 🙌
@@TheHolisticHustle great video good content and i would love to see like a dropshipping vat video because ive heard you have to pay vat on dropshipping now when you make a certain amount even though you dont own the products the suppiler does because ive just branched out and started a shopify store as an extra income with my fba and my job
There's no real specifics of Vat to drop shipping companies actually mate, so the normal vat videos would still apply to you. Is there anything in particular you wanted to know?
@@TheHolisticHustle like when do you start paying tax or registering your dropshipping buisness or is it like fba u just register when your reached a threshold
The question really is when is the best time to register your buisness im guessing it depends on when im ready
thanks but I have a question. Someone find job for me and I suppose scam and ask her to gave me her VAT number. And when i checked VIES VAT number validation
that VAT number it says valid VAT. What do you recommend me?
Hey there, this is a tough one but if it says invalid then I wouldn't take any risks.. Are you able to keep looking? Moreover why do you need their VAT number?
can you help me with a video about registering a company for a non resident
Hi RZ,
I'll add it to the list!
@@TheHolisticHustle thanks
got Q for you pls ..wanted to buy wholesale stuff from America but they asked me for sellers permit ..what is that over here pls ? is that VAT number ? and if it's do I have have to register for LTD company in order to have VAT number ?
Hey!
I'm not completely clued up about how things work in America but you shouldn't need a seller's permit to order from America if you're based in the UK. Do they know you're a UK based company? If not then make sure you let them know. No it's not a vat number and you don't need to be a limited company to register for vat.
Hope that helps 👍
@@TheHolisticHustle just called them up they said it's the LTD company well thnx for your suggestion cus it worked hahah
Can you tell me how can I register VAT. I am outside of UK but my company registered in the UK. Would you guide me?
Hi Umer,
Unfortunately I'm unable to guide you and I'd highly advise finding a competent accountant who can do this for you as making a mistake could end up with fines.
If the product is being shipped from China to the EU & the US on baby clothes and goods will VAT need to be paid to the UK if the goods never enter the UK?
Hi Michael, you'll only need to pay VAT to the UK if you are either storing goods the or making sells to UK customers (for example, selling an item and then sending it from US to UK). Hope that helps 🙌
Hi, Can you help me? I have lost my mobile number on which I get code when I sign in my account on HMRC. how can I add/change a new number? thanks
Hey, are you not able to get replacement SIM card? I’m not sure how you can change it, I would contact HMRC directly for this 🤞
@@TheHolisticHustle No, service provider said its deactivated permanently.. contacting HMRC is not an easy thing. They don't pickup..
I can see why people get confused about the different vat
Yeah it's a tough one.. But it doesn't often change much so once you get your head round it, you're in the clear!
@@TheHolisticHustle true evrything is a learning process
I have a question what’s your email
Hey Favour,
Just ping over any questions on TH-cam as it'll likely get lost in my email inbox 👍