I am on a 'fixed rate' VAT scheme and was trying to see if anything had changed, like the rate or threshold. Nothing found so I presume all as before.
You mean the ''Flat Rate'' ?
If so why are you still on it ? Very few Benefits to it now.
I am on a 'fixed rate' VAT scheme and was trying to see if anything had changed, like the rate or threshold. Nothing found so I presume all as before.
In theory but not in practise is my reckoning ..how to deal with capital allowances etc ..feck that I as good as work six days a week for nine months of the year and struggle to get my head round stuff like that
Capital allowances and other such accounting adjustments will be dealt with on the final adjusting return.
For anybody who files VAT online it won't actually make much difference if you use your software to file the return. All that will happen is the amount of information transmitted to HMRC each quarter will go up.
The only people getting rich will be Sage, QB, Xero etc as everybody will be forced to purchase their products annually
I'll let my dad know
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Just more pen pushers making things up whilst the rest of us are out working!There’s a lot to be clarified ..so best he chat with his accountant i’m just throwing a few things out there..and it’s not happening for another 16 months for the likes of you and me ..but i’d like to be prepared
You mean the ''Flat Rate'' ?
If so why are you still on it ? Very few Benefits to it now.
Better maybe to ditch the flat rate scheme and account for VAT normally then? Worth looking into anyway if you actually have to still be VAT registered (turnover above the threshold).Read his other post above. He does very, very nicely out of it.
Wish I could say the same, but there are absolutely no benefits (bar convenience) to me now as effectively I pass on full rate, but cant reclaim any of my input VAT. In fact I lose out of it!!
Yet another reason to retire and stop giving the Tories any more of my money.
Better maybe to ditch the flat rate scheme and account for VAT normally then? Worth looking into anyway if you actually have to still be VAT registered (turnover above the threshold).
Capital allowances and other such accounting adjustments will be dealt with on the final adjusting return.
For anybody who files VAT online it won't actually make much difference if you use your software to file the return. All that will happen is the amount of information transmitted to HMRC each quarter will go up.
The only people getting rich will be Sage, QB, Xero etc as everybody will be forced to purchase their products annually
I see this has been delayed until 2019 for those with a turnover of less than £85k (starts April 2018 if above)...,has anyone had a chat with their accountant about how this is all going to work out...higher fee starters?...another problem I foresee for my self is seasonal working ..then there is paying tax on work not paid for (cash flow) etc
Can’t see I’ve seen much debate about it and yet there must be loads of us self employed peeps who are wondering how the heck it’s going to work
Course not!Corbyn and McDonnell will reign under this new self employed tax regime.
Would you object to paying tax then?
I didn't know about this before now, but surely declared income is actual received money not invoiced but not paid yet?
I didn't know about this before now, but surely declared income is actual received money not invoiced but not paid yet?
That's cash accounting.
Accounts and tax returns are normally based on the accruals principle, that is the value of work done or goods despatched in a period = turnover/income.
The date sales invoices are issued or monies received, isn't the determinant of business income.
That's cash accounting.
Accounts and tax returns are normally based on the accruals principle, that is the value of work done or goods despatched in a period = turnover/income.
The date sales invoices are issued or monies received, isn't the determinant of business income.
Course not!
He seems to think that the tories keep all the tax paid for themselves and don't spend it on all sorts of public services.
I have no idea what that means as I was a self employed driving instructor so clearly was a cash based business. I bow to your expert knowledge