VAT Second Business Query

Dumb Juan

Hi,
Thanks in advance for any help on this.
I'm sole trader registered for Vat ( & with a registered business name) & I charge Vat when providing marketing consultancy my main business. However I'm thinking of starting a second business buying & selling jewellery which will have a small turnovers for the first year. Will I have to account for Vat on my jewellery business on day one or can I wait until I reach the turnover limit?
Thanks

GrumpyMe

Dumb Juan wrote: »

I'm sole trader registered for Vat... Will I have to account for Vat on my... business on day one... I reach the turnover limit?

I'm no VAT expert.
I've trimmed your post to include what I think are the obvious clues.
You are registered for VAT.
You appear to already be above the turnover limit.
If you increase your turnover I'd expect you continue to account for VAT.

As long as you are the sole trader.

CIARAN_BOYLE

GrumpyMe wrote: »

I'm no VAT expert.
I've trimmed your post to include what I think are the obvious clues.
You are registered for VAT.
You appear to already be above the turnover limit.
If you increase your turnover I'd expect you continue to account for VAT.

As long as you are the sole trader.

My understanding too.

He could spin the existing business off into a limited company which would be vat registered and deregister personally.

Dumb Juan

Thanks guys it is as I feared. :-(