Hi all,
I do a bit of R&D from home, and produce very little output. So my VAT balance mostly looks negative.
The R&D is for commercial product development. I'm hopeful that a commercially viable product will come out of the woodwork as a result, but I might not sell a single thing for two years.
Are HMRC likely to take umbridge with frequent refunds? Is it worth the hassle for ~£1,000/year in VAT refunds? An accountant friend advised me that frequent refunds could trigger an audit.
Note I'm considering registering for VAT, I haven't done it yet, but would be taking advantage of the 4-year rule if I did.
Tom
I do a bit of R&D from home, and produce very little output. So my VAT balance mostly looks negative.
The R&D is for commercial product development. I'm hopeful that a commercially viable product will come out of the woodwork as a result, but I might not sell a single thing for two years.
Are HMRC likely to take umbridge with frequent refunds? Is it worth the hassle for ~£1,000/year in VAT refunds? An accountant friend advised me that frequent refunds could trigger an audit.
Note I'm considering registering for VAT, I haven't done it yet, but would be taking advantage of the 4-year rule if I did.
Tom
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