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Advice for newly V.A.T registered company


Treeman123
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No.

 

On the "Fate rate scheme" you charge 20%, but pay 11% of turnover to the VAT man and only claim back VAT on purchases over £2K.

 

So its far less complicated, simply calculate 11% of turnover each quarter and pay that, plus there is little scope for you making an error and claiming for something you should not have and ending up owing a lump of VAT.

 

My accountant looked at it and reckoned it saved me around £800 per year.

 

I think you pay less for the first year 9% or 10%

 

I'm claiming back 10.5% Huck. You are giving HMRC 0.5% too much! :eek:

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I'm thinking of registering for Vat even tough I'm not at the thresh hold. Having just purchased a digger, tractor and post knocker in the last 3 months it does make me cringe when iv paid over 6k on VAT just on those 3 items, probably a case of shutting the stable door after the horse has bolted now!

One way iv thought is to put my prices up at least 10%. Basically going halves on the VAT I have had to pay on machinery to do there jobs without charging VAT!

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