Question：Which 3 of the following are advantages of voluntarily registering for VAT?
A. Will attract non VAT registered customers
B. Can reclaim input VAT
C. Risk of penalties for not registering can be avoided
D. Can charge more for goods/ services and increase profit
E. Increased credibility for the business
The correct answers are:Increased credibility for the business; Risk of penalties for not registering can be avoided; Can reclaim input VAT.
解析：Although VAT registered traders do usually charge more for their goods/ services, the additional element represents the VAT charged and must be paid over to HMRC. It will not therefore increase the profits of the business.
A trader who has voluntarily registered for VAT will not miss their notification deadline and therefore will avoid the chance of incurring any penalties.
Non VAT registered customers will not be able to reclaim their input VAT and may therefore prefer non VAT registered suppliers.
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