I am an IT contractor based in London. I understand that there is a threshold for VAT of £73,000. In my current business, I have not exceeded that threshold as of yet but expect to within the accounting period.
I have spoken to my accountant briefly about this matter but he hasn't really advised me properly about this topic. So here are the questions:
(1) Should I register for VAT?
(2) What benefits would registering for VAT include?
(3) Would I not just hold onto the monies for HMRC?
Thanks in advance Stack!
Edit: I forgot to mention I have a Limited Company by shares.