As a startup, competing against big enterprises can be challenging. One of the ways to get past this challenge is by VAT registration. Once you register, a VAT number is assigned to you that can be placed on all your documents such as emails, invoices, letters, etc. This gives the impression that your company is established, big, and legit. Also, more people will be willing to do business with your enterprise once it is registered.
You become eligible to recover the VAT paid previously after a period of 4 years when you do the VAT registration. Even if your business has not attained the threshold by this time, you are still able to recover the VAT if you have the proper documents to prove it. This can significantly boost the income of your business.
Registering for VAT without a proper software to calculate and manage your transactions is almost as challenging as not registering at all. The Codejig VAT software will take care of all your VAT needs.