Vat killing me!

[TimberCutterDartmoor]

Vat kills domestic work. Set up a LTD co for the vat and keep the sole trader non-vat. Put domestic thru the latter and commercial thru the ltd co.

[skyhuck]

Vat kills domestic work. Set up a LTD co for the vat and keep the sole trader non-vat. Put domestic thru the latter and commercial thru the ltd co.

 

This is fine, BUT you need separate equipment for each business. I used to do this, but amalgamated the two in the end.

[Johny Walker]

This is fine, BUT you need separate equipment for each business. I used to do this, but amalgamated the two in the end.

 

+ separate bank accounts & separate phone nmbs .

[roseyweb]

Bill was 4,800 odd

 

So 15%

We're flat rated, most of the jobs were high turnover not necessary big profit jobs from hiring in lots of kit so I fear we may have been screwed anyway.

 

Sometimes as a small business your to busy working and earning money it's easy to forget.

 

Hurts as that's serval days work for nothing,

[TimberCutterDartmoor]

This is fine, BUT you need separate equipment for each business. I used to do this, but amalgamated the two in the end.

 

Same, it did my head in in the end but it covered the transition from dom to com quite well.

[skyhuck]

Bill was 4,800 odd

 

So 15%

We're flat rated, most of the jobs were high turnover not necessary big profit jobs from hiring in lots of kit so I fear we may have been screwed anyway.

 

Sometimes as a small business your to busy working and earning money it's easy to forget.

 

Hurts as that's serval days work for nothing,

 

Thats bloody harsh IMO

[Ian C]

Vat kills domestic work. Set up a LTD co for the vat and keep the sole trader non-vat. Put domestic thru the latter and commercial thru the ltd co.

 

An easy way to land in deep poo when the powers that be find out.

 

It takes time to get your head round it simon but hang in there, you say domestics don't like paying vat, but we all pay it on pretty much everything but we don't know it, fuel at the garden centre, b and q even some food, on domestics price a bit Keane but build the vat in and be a bit tough, business is a tough game.

 

There's plenty of contractors on here who are vat reg and do ok

[Johny Walker]

An easy way to land in deep poo when the powers that be find out.

 

It takes time to get your head round it simon but hang in there, you say domestics don't like paying vat, but we all pay it on pretty much everything but we don't know it, fuel at the garden centre, b and q even some food, on domestics price a bit Keane but build the vat in and be a bit tough, business is a tough game.

 

why is it any easy way to land in the poo

[Ian C]

why is it any easy way to land in the poo

 

Because your using the same equipment for both "businesses " so basically a tax dodge unless you run separate tools etc etc.

[TimberCutterDartmoor]

An easy way to land in deep poo when the powers that be find out.

 

It takes time to get your head round it simon but hang in there, you say domestics don't like paying vat, but we all pay it on pretty much everything but we don't know it, fuel at the garden centre, b and q even some food, on domestics price a bit Keane but build the vat in and be a bit tough, business is a tough game.

 

There's plenty of contractors on here who are vat reg and do ok

 

why is it any easy way to land in the poo

 

It's completely legit; Accountant sorted it all out. Ian - it's the legal way to do it. No deep poo involved.