Made a sale but have no company

tyler_d

I have registerd to set up my company up and should have it upall ready in about two weeks. However this is the problem. I have a customer already and they want to buy off me right now or they will go elsewhere. But how can i do this if i havent a company.

I could invoice in a few weeks when the company is set up but i have to buy off my supplier now who requires money upfront (until he can trust me) so i will not be able to claim vat off the supplies as my company has not been set up just yet. You can only claim vat once your company has been set up.

Any ideas?

ShowUsYourXbox

Make the sale! The VAT doesn't matter, what matters is, you're looking after the customer, if hes happy, he'll return!

You need a customer base, the first sales and after sales service are the most important.

tyler_d

yeah i know but i'll lose alot of vat on the supplies. There must be another solution

vector

From years of watching ITV I have learned that the bank holiday sofa retailers provide their products, and the customer has to "pay nothing for 3 months"

maybe you could try that, however...

-you'd need some letter of undertaking from the customer that he will infact pay in 3 months (and you must trust him)
-you'll need to check VAT laws as the "supply date" might overrule the "payment date" (or whatever the terminology is)

although on reflection, unless you are selling gold at half price, are are the only show in town, why would your customer agree to the hastle of this

boomer_ie

You could pay the supplier now and ask him to invoice you on the date when the company is properly set up?

is_that_so

Give the tax office a call and explain your situation to them. They may be in a position to sort you out faster. I got it done in a few days.

shayk

if your customer does not require a vat invoice treat the sale as if you were a non vat registered sole trader i.e. don't claim vat on your supplies and don't charge it on your sales

The Corinthian

Pay the supplyer now and ask him/her to post date the invoice to a date when you'll be registered for VAT.

tyler_d

thanks for all that

flash harry

certain pre trading expenses are allowable