VAT Flat Rate Scheme

[silvafox]

I've been self-unemployed for the past 10 years and went voluntarily vat regd 3 or so years ago. Having to do my accounts on a quarterly basis helps me to keep on top of the books because otherwise I just let it slide.

I'm chuffed vat flat rate was raised as I'd forgotten about it so now I'm looking into it. I'm thinking get the new truck before April 5th and go flat rate for year end 08.

[Quickthorn]

I do my VAT quarterly as well. I've also elected to account for VAT on a cash basis, rather than accrual, so I don't have to pay VAT until I've actually received the cheque.

[nailer]

silvafox, as long as your new truck is at least £2K inc VAT you can still claim the vat back in full. Its only on purchases less than 2K that you cannot. A load of kit lumped together on one invoice to make up to £2K counts as well. I think.

 

Also, if you wanted to you don`t have to wait `till your year end to join.

[Log-ologist]

Nailer , remember its only Capital Purchases that are over 2K +vat that count. My Yellow pages bill was over 2k one year but that was not allowed.

 

 

 

seek prof. financial advice for clarity.

[nailer]

Nailer , remember its only Capital Purchases that are over 2K +vat that count. My Yellow pages bill was over 2k one year but that was not allowed.

 

You are correct.

 

 

seek prof. financial advice for clarity.

 

...rather than from someone called nailer on a tree forum.