going vat registered

[Al Cormack]

A little bed time reading for you Stevie 👍

 

https://www.gov.uk/vat-flat-rate-scheme/overview

[Stephen Blair]

I'd be a couple of grand better off a quarter! time for change me thinks!!

[Peter]

It's £150,000 or less excluding vat.

 

 

Ah, there's 2 limits. One is for registering, the other is the upper limit once you have registered.

[Peter]

I'd be a couple of grand better off a quarter! time for change me thinks!!

 

 

I would think you would be, because you don't buy anything to resell. Check the category you fall into though, the percentage does vary according to industry. It might be you fall into a category with a lower percentage. I'm on 9.5%, so halving your sales vat gives you a fairly close approximation. Plus you get an extra 1% for the first year.

[Al Cormack]

I would think you would be, because you don't buy anything to resell. Check the category you fall into though, the percentage does vary according to industry. It might be you fall into a category with a lower percentage. I'm on 9.5%, so halving your sales vat gives you a fairly close approximation. Plus you get an extra 1% for the first year.

 

 

What's your category Peter?

I'm using forestry and fishing at 10.5%

Closest I could find to tree surgery / arb.

[skyhuck]

No you can't Steve.

If your turnover is between certain amounts then you can apply to go on the flat rate scheme. You charge out at 20% as normal but only pay the vat man 10.5%.

 

You don't need to keep receipts or add them up as the 7.5% difference is for your your purchases.

 

If you buy an asset that cost £2000 or more including the vat, you can claim the vat back.

If you buy a few assets that total £2000 Inc vat you can claim back as well.

If you sell an asset you have to declare the vat.

 

I can't dummie it down anymore than that!😂😂

 

Good job you have book keep mate

 

I'm on the flat rate scheme, it works for me.

 

I like the fact that it would be very difficult to make an error and find you have claimed incorrectly and get a huge bill.

[Peter]

What's your category Peter?

I'm using forestry and fishing at 10.5%

Closest I could find to tree surgery / arb.

 

Not sure actually, my accountant set it up and he has a very vague idea about what I actually do.

[Al Cormack]

Good job you have book keep mate

 

 

 

I'm on the flat rate scheme, it works for me.

 

 

 

I like the fact that it would be very difficult to make an error and find you have claimed incorrectly and get a huge bill.

 

 

I was only 2% out! 😂😂

[Jonny69]

I am VAT registered and its the best thing that happened. Just done my Quarter ending 31st Jan, I have a bookkeeper (my dad) he did it today. I think it took him about an hour and then I email to the accountant for him to submit. 4-5 hours a year is not to bad and that is most of my accounts done.

[simonm]

Its going to happen so its a case of see how it goes, accountant did mention taking on less work to stay below threshold but this goes against wanting to make more money, ive purchased a lot of equipment in the last 4 years so the possibility of claiming the vat back is a plus point. Wakefield is over saturated with folk doing tree work so i wold like to remain as competitive on price as possible to keep the work rolling in, i don't advertise so a lot of work is word of mouth, maybe an increase in price is not a bad thing as we are coming recommended, folk might not mind paying extra for stuff doing right.