VAT Threshold rolling 12 months

[evergreen]

Thanks chaps, some really good advice, im really grateful. Its all my fault, up to now ive done my own accounts and tax returns. But I have now engaged a local firm who are very pro active and im sure they will be worth their salt.

 

I am really worried about charging VAT to my clients as most are private customers who are serviced by us weekly and repeat business. Has anyone else noticed a downturn in turnover when they have started charging VAT?

 

Thanks again everyone, Its been very helpful.

[likeitorlumpit]

Thanks chaps, some really good advice, im really grateful. Its all my fault, up to now ive done my own accounts and tax returns. But I have now engaged a local firm who are very pro active and im sure they will be worth their salt.

 

I am really worried about charging VAT to my clients as most are private customers who are serviced by us weekly and repeat business. Has anyone else noticed a downturn in turnover when they have started charging VAT?

 

Thanks again everyone, Its been very helpful.

 

By downturn- I assume you're worried that some clients will use someone else

In my experience -the only way is up

Just means you work harder at keeping people happy-

Just console yourself that being now registered means you pay about 90pence per litre for diesel- Claim back VAT and set against tax:biggrin:

[Wolfie]

I think it is 3 years for goods & 6 months for services. A phone call to the VAT helpline would confirm. They are very helpful - they actually told me about reclaiming vat on previous expenditure, ended up with a refund for my first quarter!

[likeitorlumpit]

I think it is 3 years for goods & 6 months for services. A phone call to the VAT helpline would confirm. They are very helpful - they actually told me about reclaiming vat on previous expenditure, ended up with a refund for my first quarter!

 

That'll be th only one you ever have:001_rolleyes:

[Justme]

That'll be th only one you ever have:001_rolleyes:

 

Unless you just do firewood.

 

Or lots of firewood & less other works.

 

For every £1 plus VAT you spend you can sell £4 plus vat in firewood & still have NO VAT bill.

 

Or for every £1 plus VAT you spend you can sell £1 (plus VAT) of firewood & £0.75 (plus VAT) of services & still have no VAT bill.

[John Russell]

 

I am really worried about charging VAT to my clients as most are private customers who are serviced by us weekly and repeat business. Has anyone else noticed a downturn in turnover when they have started charging VAT?

 

 

You might find, though, that companies, local authorities and the like will provide you with more work (because they, of course, claim all the VAT on your bill back). Some organisations will only employ VAT-registered suppliers, so new opportunities might arise. And, of course, you can now reclaim all the VAT on purchases (except private cars).

 

One idea worth proposing -- if you ever get slow payers (don't we all), ask your accountant to send them a letter. It's amazing how helpful it can be to have a debt pursued by someone else -- it means that you don't have to fall out with someone with whom you have a working relationship. You can distance yourself from any unpleasantness which could result in you losing a client. Large companies always use this trick.

 

Best wishes,

 

John Russell

[evergreen]

Thanks Guys. Ive spoken to all my clients today and their all pretty cool finding an extra 20%. Which did surprise me a bit, They are just happy that my business is prospering!

 

I will pursue most of the points you all have mentioned, Im feeling very confident about the future. probably sleep quite well tonight!

 

Cheers Nick

[Stephen Blair]

Reach around and pat yourself on the back, you are doing great in a time where others are struggling. The best folk to talk to is the VAT people, they are not their to punish you, the more they help you the easier their job is and the more you will make them.

Customers will change as your business grows, some will stay some will go.

Some good points raised above. When i went Vat reg, i claimed 3 years vat on assets. And 6 months fuel. I wasnt at the threshold so never had to go looking for vat off customers.

If they are vat reg then this isnt a problem, if they are not then i would swallow some of that myself once speaking to them, as it wasnt their fault.

I opened another account aswell to put the money in, so i didnt get any surprises every 3 months.

If i ever have any queries with tax or vat i dont assume anything and worry about hear say, i call them and they keep us right.

good luck and well done:001_cool:

[MarkG]

As Stephen Blair said you can claim from 3 years ago. We registered for VAT 3 years after starting our company, we weren't near the VAT threshold, just so that we could claim all the VAT back on fixed assets - machinery, vehicles, etc. You might find a nice suprise with your first VAT return - the VAT man has to pay you back! Good to hear you are doing well anyway!

[volvo]

Are you a member of the FSB ?.