Ted Starzec Posted July 25, 2007 Report Share Posted July 25, 2007 Has everybody changed to flat rate VAT best thing I ever did, saved me thousands so far Link to comment Share on other sites More sharing options...
x minit uk Posted July 25, 2007 Report Share Posted July 25, 2007 Has everybody changed to flat rate VATbest thing I ever did, saved me thousands so far Is that where you pay a smaller %. Link to comment Share on other sites More sharing options...
Ted Starzec Posted July 25, 2007 Author Report Share Posted July 25, 2007 after you register all you send is 8.5% of turnover. can't claim vat paid out to suppliers but in my case it was certainly worth it, easier book keeping too. Link to comment Share on other sites More sharing options...
x minit uk Posted July 25, 2007 Report Share Posted July 25, 2007 after you register all you send is 8.5% of turnover. can't claim vat paid out to suppliers but in my case it was certainly worth it, easier book keeping too. Yes thats the one I am on, and you get 1% discount for the first twelve months Link to comment Share on other sites More sharing options...
Guest samtheman Posted July 31, 2007 Report Share Posted July 31, 2007 rang my accountant about this, apparently is only for turnover less than 150k. Link to comment Share on other sites More sharing options...
toofatbyfar Posted December 23, 2008 Report Share Posted December 23, 2008 old post, i know,, but i have just got go ahead to go on the flat rate sceme, which is at the mo at 7.5%,, thats 7.5% of you total takings, rather than 3/23, as it is now,, but you dont claim any vat back, unless you make a purchase of £2000.00 upwards..wish i had done this ages ago, would of saved meself thousands,, remember in are job the punter is mainly paying for labour,,well worth looking into if you are vat registered or getting close to being it.. Link to comment Share on other sites More sharing options...
Happy Dude Posted February 11, 2009 Report Share Posted February 11, 2009 old post, i know,, but i have just got go ahead to go on the flat rate sceme, which is at the mo at 7.5%,, thats 7.5% of you total takings, rather than 3/23, as it is now,, but you dont claim any vat back, unless you make a purchase of £2000.00 upwards..wish i had done this ages ago, would of saved meself thousands,, remember in are job the punter is mainly paying for labour,,well worth looking into if you are vat registered or getting close to being it.. so on this flat rate do you charge your customers just 7.5% VAT or the full 15%?? i supply a lot of letting agencies with keys and they always want VAT receipts.... Link to comment Share on other sites More sharing options...
toofatbyfar Posted February 12, 2009 Report Share Posted February 12, 2009 you charge the full amount 15% or what ever the going rate is, dumb kopf,,. Link to comment Share on other sites More sharing options...
discodave Posted July 17, 2009 Report Share Posted July 17, 2009 hi guys new on here, i was on this flat rate scheme in my last shop and i registered under the code repairs not classified elsewhere . you are entitled to go on this if your keys are your main earner in your shop you will only have to pay 5.5%, you can go on it when you take under 3k plus the vat so your figure must average under 3450 per week, and of course you dont have to register for vat until you have takings of 64k Link to comment Share on other sites More sharing options...
Michael Posted July 17, 2009 Report Share Posted July 17, 2009 Shoes are my main income so I'm under the code " repair of personal and household items" which is 7.5% Link to comment Share on other sites More sharing options...
Lee Posted July 17, 2009 Report Share Posted July 17, 2009 of course you dont have to register for vat until you have takings of 64k the current registration threshold is £68,000 the current de-registration threshold is £66,000 Lee Link to comment Share on other sites More sharing options...
discodave Posted July 17, 2009 Report Share Posted July 17, 2009 Shoes are my main income so I'm under the code " repair of personal and household items" which is 7.5% michael why would you give your money away 2% of your total income over a one year period is a weeks money thats one week you go to work for the government plus you then have to work another couple of days for nothing to pay for the stock rent and rates for the week you are working for the government, this is what the government rely on and it dont half add up, not trying to tell you how to run your shop man but try and get your key figure up worth picking up the phone for 1 phone call a day asking to speak to the person who deals with the key cutting contract in their store, just the big shops and letting agents and if you cant be bothered with the paperwork then you pay a bookkeeper to come in for a couple of hours a week and they do all your books and invoicing you also register with your council they will always give you work, they have to because sometimes they dont pay as quickly so they use the various suppliers that register with them but you have to ask or if you cant be bothered you can always work for the government for no real reason for about 10 days Link to comment Share on other sites More sharing options...
discodave Posted July 17, 2009 Report Share Posted July 17, 2009 of course you dont have to register for vat until you have takings of 64k the current registration threshold is £68,000 the current de-registration threshold is £66,000 Lee even better, happy days Link to comment Share on other sites More sharing options...
toofatbyfar Posted July 17, 2009 Report Share Posted July 17, 2009 Shoes are my main income so I'm under the code " repair of personal and household items" which is 7.5% same as, best thing i ever did, since being vat registered Link to comment Share on other sites More sharing options...
Gray Posted July 17, 2009 Report Share Posted July 17, 2009 I've been on flat rate for a while now, for anyone who is not on it i'ts worth making a comparison of what you paid last quarter and what you would pay under the flat rate, You may be pleasantly surprised. Not to mention the saving in paperwork Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now