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*COVID-19 update: Many of our shops and offices are now open for face to face meetings with strict social distancing measures in place. We also offer telephone and video consultations for all new clients in order to discuss your needs. Find the latest COVID-19 information available for your business.

Incorporation and VAT registration

I currently have a VAT number as a sole trader but I am going to start trading as a limited company soon."¯Will the company need to apply for its own VAT number?

If it meets certain conditions, the company may need to register for VAT from the date of transfer from the sole trade. 

You can opt to transfer a VAT registration from one business to another. For example, if you are changing the status of a business (like you are- going from sole trade to limited company) or if you take over a business and want to keep using its VAT number. The previous owner of the VAT number does not need to deregister. 

However, you may want to consider the benefits of not transferring the VAT registration number to the company. Firstly, if you have a history of filing or paying late, that legacy will be inherited by the company. Furthermore, if you are operating the Flat Rate Scheme, by opting for a new registration, you are able to take advantage of the 1% discount to your rate in the first year of VAT registration.  

If you would like any assistance in managing your new company, please get in contact with us and we'll put you in touch with your local TaxAssist Accountant.

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0800 0523 555

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