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Shoe Repairer Forum

flat rate VAT


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  • 1 year later...

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..

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  • 1 month later...
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....

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  • 5 months later...

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 :wink:

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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

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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

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