Jump to content

Log in or register to remove this advert

Vat registered companies.... how do you stay competitive


swinny
 Share

Recommended Posts

Log in or register to remove this advert

1 hour ago, Mark Bolam said:

I'm not VAT registered but I tell domestic customers I am when I've finished and charge them an extra 20%, which I keep.

 

It's a really nice little earner.

 I'm not sure this is something I would put on a public forum.  It may seem harmless until someone asks you for a VAT invoice and then reports you to HMRC when you don't provide one.

Holding out as being vat registered and adding 20% would be deemed to be fraud and a criminal offence. On discovery, the reaction of HMRC would be swift, brutal and expensive.

 

Link to comment
Share on other sites

2 hours ago, Mark Bolam said:

I'm not VAT registered but I tell domestic customers I am when I've finished and charge them an extra 20%, which I keep.

 

It's a really nice little earner.

Can’t you say that the Vat on treework is 25%, no one is going to argue cos you’re really convincing and trustworthy. :001_rolleyes:

  • Haha 1
Link to comment
Share on other sites

2 minutes ago, Inoff the Red said:

 I'm not sure this is something I would put on a public forum.  It may seem harmless until someone asks you for a VAT invoice and then reports you to HMRC when you don't provide one.

Holding out as being vat registered and adding 20% would be deemed to be fraud and a criminal offence. On discovery, the reaction of HMRC would be swift, brutal and expensive.

 

Mark can always plead insanity, with a proven record of posts on Arbtalk to back up the claim. ?

  • Haha 1
Link to comment
Share on other sites

3 minutes ago, Inoff the Red said:

 I'm not sure this is something I would put on a public forum.  It may seem harmless until someone asks you for a VAT invoice and then reports you to HMRC when you don't provide one.

Holding out as being vat registered and adding 20% would be deemed to be fraud and a criminal offence. On discovery, the reaction of HMRC would be swift, brutal and expensive.

 

I'm not bothered because it's all in cash anyway.

  • Like 2
  • Haha 6
Link to comment
Share on other sites

1 minute ago, Mark Bolam said:

I'm not bothered because it's all in cash anyway.

....and then the vat review will be followed by an income tax investigation.

HMRC have an interesting method of dealing with such matters. Given grounds to suspect non disclosure of income, they raise a huge assessment for unpaid tax. The tax evader then has to pay or prove the amount is excessive.

It only takes a bitter divorce, dumped girlfriend or dis-satisfied customer to blow the whistle to HMRC.  

 

Link to comment
Share on other sites

7 hours ago, Steve Bullman said:

You''ll be surprised how much fuel bills add up, as well as sundries.  To put it into perspective, every time you walk out of the garage with your fuel receipt you are basically holding a £10 note in your hand

Worse is how many times you put those receipts through the washing machine in your pockets and think ‘f**k that’s a tenner down the swanny!’

  • Like 1
Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share


  •  

  • Featured Adverts

About

Arbtalk.co.uk is a hub for the arboriculture industry in the UK.  
If you're just starting out and you need business, equipment, tech or training support you're in the right place.  If you've done it, made it, got a van load of oily t-shirts and have decided to give something back by sharing your knowledge or wisdom,  then you're welcome too.
If you would like to contribute to making this industry more effective and safe then welcome.
Just like a living tree, it'll always be a work in progress.
Please have a look around, sign up, share and contribute the best you have.

See you inside.

The Arbtalk Team

Follow us

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.