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Wednesday
Nov242010

VAT Registration is Faster for the Higher Volumes Starting Their Own Business

Most people are aware that the job market is hard work at the moment. Many people have been made redundant or had their hours cut, which has led to more individuals applying for fewer jobs.

It is perhaps not surprising then to realise that more people are starting their own businesses instead. Of course not all of them will register as companies and be registering for VAT as well. It all depends on the type of business and the amount you are expecting to earn from it. But as we have seen here at St Matthew, there has been an increase in the number of VAT registered businesses around today.

The good news is that registering for VAT is faster than it used to be. VAT registration used to be a process lasting anything up to eight weeks. But since certain changes have been made to the system, the process has now been reduced to around a quarter of that length of time – two or three weeks instead of eight.

This is excellent news for people who have decided to go it alone and want the process of starting a business to be completed as swiftly as possible. I know that lots of people are thinking of starting a business of their own, and the easier it is for them to do so, the better it will be for our economy.

If you have questions about starting up on your own, you may contact us here at St Matthew now for expert advice regarding VAT and taxation.

 



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