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

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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.

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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.

Ledge!!  😆

 

Esp if they've had the 'invisible' T tax as well!! 

Edited by kevinjohnsonmbe

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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.

 

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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:

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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. 🤪

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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.

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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.  

 

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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!’

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