going vat registered

[benedmonds]

We were on the flat rate scheme for a number of years. Worked well. Dead simple. You don't have to save any reciepts on little purchases.

 

Having had to move to the full rate there is more paperwork, but last year i worked out that after claiming on purchaces we ended up paying about 10 percent. So financially we are pretty similar..

 

So i rekon my rates should only be 10 percent higher then if not registered.

[Stephen Blair]

Cheers Ben, good info!

[skyhuck]

We were on the flat rate scheme for a number of years. Worked well. Dead simple. You don't have to save any reciepts on little purchases.

 

Having had to move to the full rate there is more paperwork, but last year i worked out that after claiming on purchaces we ended up paying about 10 percent. So financially we are pretty similar..

 

So i rekon my rates should only be 10 percent higher then if not registered.

 

I guess you hit the £250K turnover, good for you

[Billy]

We are talking about a job where there was no charge for removal Billy, free tree to help yourself too, process it and then charge them for the logs.

 

 

Of Course, proving that's all you do each day may prove tricky though.

[Stephen Blair]

Of Course, proving that's all you do each day may prove tricky though.

 

That was my thoughts on the subject!

[skyhuck]

Of Course, proving that's all you do each day may prove tricky though.

 

The problem is when it comes to the vat man and the tax man you are guilty until you prove your own innocence, which without good records is impossible.

 

Far better to simply play the game by the rules they set, rather being a smart ass and getting burned.

[John Shutler]

I went VAT registered 3 years ago, best thing I ever did and cant belive how worried I was about it at the time.

My accountant deals with everything and i just make sure i transfer the VAT into a separate account as it comes in so at the end of the quarter ive got a lump put aside to pay it. Its also a good way of saving because the ammount you pay is always less than youve got in the account. I think I claimed 14k back when I first registered as well

[aitch]

I registered the other week. I did it online and got my VAT number within 2 days. Not bad!

[simonm]

So i can claim vat back on equipment previously bought?

I charge 20% extra and give it to the tax man quarterly?

Do you also get the vat back quarterly?

[Stephen Blair]

Yes, when I went Vat years ago I got £8k back on 3 years vat assets which paid for my new chipper.

Anything you buy with vat gets deducted from what you charge with Vat for work.

I think now it's 4 years Vat assets