eddie fenwick Posted May 5, 2008 Share Posted May 5, 2008 f*****g hate doin them:mad::mad: Link to comment Share on other sites More sharing options...
Uberjambo Posted May 5, 2008 Share Posted May 5, 2008 They are easy done. It is the catching up with the books that I hate. 5 days late too. Better get it done tonight. Link to comment Share on other sites More sharing options...
eddie fenwick Posted May 5, 2008 Author Share Posted May 5, 2008 They are easy done. It is the catching up with the books that I hate. 5 days late too. Better get it done tonight. its more the thought of doing them(and payin as well) Link to comment Share on other sites More sharing options...
Das Root Posted May 5, 2008 Share Posted May 5, 2008 Yup, sucks. Can never be arsed. I do them online now, type and click then pay electronically. Saves hassle, though I do wonder why you can't pay with a card, BACS is a pain in the arse. Link to comment Share on other sites More sharing options...
Craigieboy Posted May 5, 2008 Share Posted May 5, 2008 In the process of trying to limit my income otherwise they will want me VAT registered in the next year. In my line of work, it would be a bad thing to be charging my domestic customers another 17.5%. My dads business is VAT registered but they let the accountant do the return I think. Every 3 months is it? . Link to comment Share on other sites More sharing options...
Das Root Posted May 5, 2008 Share Posted May 5, 2008 In the process of trying to limit my income otherwise they will want me VAT registered in the next year. In my line of work, it would be a bad thing to be charging my domestic customers another 17.5%. My dads business is VAT registered but they let the accountant do the return I think. Every 3 months is it? . Aye, you can do it monthly though if you want, mainly folk who do a lot of reclaiming go monthly. It's just another stealth tax though. Businesses only pay on their profits and the consumers get shafted on everything they buy. Link to comment Share on other sites More sharing options...
Craigieboy Posted May 5, 2008 Share Posted May 5, 2008 Aye, you can do it monthly though if you want, mainly folk who do a lot of reclaiming go monthly. It's just another stealth tax though. Businesses only pay on their profits and the consumers get shafted on everything they buy. Exactly mate. If I have a domestic customer that pays me ?40 a month for 2 cleans, that would go up to ?47.00. It woud be fine for all my jobs that are businesses but 70% of my work is domestic. Cannae see Mrs Smith being happy to part with ?7.00 extra for bugger all. Also, if I start turning over a lot more profit, I start to get hit with the 40% tax level. Think I'll just stay small! . Link to comment Share on other sites More sharing options...
tedp6873 Posted May 5, 2008 Share Posted May 5, 2008 f*****g hate doin them:mad::mad: thats what happens when you earn over ?67,000 a year:p:p:p:p:p Link to comment Share on other sites More sharing options...
coppercrutch Posted May 5, 2008 Share Posted May 5, 2008 Where has it been ? Link to comment Share on other sites More sharing options...
eddie fenwick Posted May 6, 2008 Author Share Posted May 6, 2008 thats what happens when you earn over ?67,000 a year:p:p:p:p:p you must have been doin them for years then:p Link to comment Share on other sites More sharing options...
IronJambo Posted May 6, 2008 Share Posted May 6, 2008 In the process of trying to limit my income otherwise they will want me VAT registered in the next year. In my line of work, it would be a bad thing to be charging my domestic customers another 17.5%. My dads business is VAT registered but they let the accountant do the return I think. Every 3 months is it? . never found vat returns that much of a problem when i was self employed. if you find that you "have" to register, it would maybe be worth it for you to look at the flat rate for vat (7% or so). you only get the same percentage back from your purchases but it would give you a smaller amount to add on for domestic customers Link to comment Share on other sites More sharing options...
coppercrutch Posted May 6, 2008 Share Posted May 6, 2008 never found vat returns that much of a problem when i was self employed. if you find that you "have" to register, it would maybe be worth it for you to look at the flat rate for vat (7% or so). you only get the same percentage back from your purchases but it would give you a smaller amount to add on for domestic customers I am on the flat rate, but I don't work it out myself !! As far as I know you still charge the 17.5% to your customer. However you only pay it at the flat rate on the total received invoice. The amount for the flat rate depends on the business area you are in. Being on the flat rate does mean that you can't offset any purchases etc... that your business makes inlcuding VAT. Nice and simple !! Link to comment Share on other sites More sharing options...
savage Posted May 6, 2008 Share Posted May 6, 2008 thank ****** i am not self employed i have not got a clue what you are all slavering about Link to comment Share on other sites More sharing options...
IronJambo Posted May 6, 2008 Share Posted May 6, 2008 I am on the flat rate, but I don't work it out myself !! As far as I know you still charge the 17.5% to your customer. However you only pay it at the flat rate on the total received invoice. The amount for the flat rate depends on the business area you are in. Being on the flat rate does mean that you can't offset any purchases etc... that your business makes inlcuding VAT. Nice and simple !! ah right, i thought you could take the same rate back too. i did understand that you still charged 17.5% to customers, but paying less to the vat office would make you feel better about lowering the rate for domestic customers if you felt inclined. Link to comment Share on other sites More sharing options...
coppercrutch Posted May 6, 2008 Share Posted May 6, 2008 ah right, i thought you could take the same rate back too. i did understand that you still charged 17.5% to customers, but paying less to the vat office would make you feel better about lowering the rate for domestic customers if you felt inclined. I would get that checked to make sure, I am no expert !! If you don't make many VAT purchases for your business and your customers are happy to pay it (This is clearly the tricky bit !!) then being on the flat rate scheme could be very beneficial to you. You charge someone ?10,000 for a job. With VAT included this is a total of ?11,750. You only pay the VAT man your flat rate on the total: Say 10%(It varies depending on business type) on ?11,750. So you owe the Taxman ?1175. You keep the difference (1750-1175)- ?575 !!! Not bad. Of course I think the pay off is that you can't offset any VAT claims your own business makes. So it makes it simpler all round, but I would get that double checked by an accountant just to make sure. So for some businesses a very good idea. For others probably not. Link to comment Share on other sites More sharing options...
davemclaren Posted May 6, 2008 Share Posted May 6, 2008 I would get that checked to make sure, I am no expert !! If you don't make many VAT purchases for your business and your customers are happy to pay it (This is clearly the tricky bit !!) then being on the flat rate scheme could be very beneficial to you. You charge someone ?10,000 for a job. With VAT included this is a total of ?11,750. You only pay the VAT man your flat rate on the total: Say 10%(It varies depending on business type) on ?11,750. So you owe the Taxman ?1175. You keep the difference (1750-1175)- ?575 !!! Not bad. Of course I think the pay off is that you can't offset any VAT claims your own business makes. So it makes it simpler all round, but I would get that double checked by an accountant just to make sure. So for some businesses a very good idea. For others probably not. You definitely can't offset VAT when you are on the flat rate. Link to comment Share on other sites More sharing options...
coppercrutch Posted May 6, 2008 Share Posted May 6, 2008 You definitely can't offset VAT when you are on the flat rate. Cheers for the confirmation. Link to comment Share on other sites More sharing options...
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