More time posting than coding
Originally Posted by fwd
The VAT you pay on the flat rate scheme is 13.5% of the gross invoice, not the VAT amount and there is a huge difference between the two. If you've got this wrong what else might you get wrong and not realise?
You are probably going to be better off using an accountant, at least for the first couple of years to ensure you are happy you know how everything works. For example, have you considered the fact that an RTI submission needs to be made every time you pay yourself salary (normally monthly or annually)? Have you considered the fact that you may not be eligible for the employment allowance from April 16 onwards?
I know I am biased as I'm an accountant but I genuinely feel you'd be better off using one for the first few years at least. You don't have to spend £150+ per month to get a decent accountant either. We are £85+VAT per month and include Freeagent, Gorilla are the same and there are plenty more out there who will offer bookkeeping software within their monthly fee for much less than £150+VAT per month so give some a call and see what you think.
Hope this helps