Originally posted by SueEllen
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VAT Flat Rate Scheme Update
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Originally posted by TheCyclingProgrammer View PostFor something that's actually quite simple, its amazing how many threads we've had about this. People asking the same questions again and again...
As the 'guidance' from the government on a whole range of issues is changing constantly it's not unreasonable to assume this might have changed also.Comment
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VAT Flat Rate Scheme Update
Originally posted by oliverson View PostI'm not incurring more expenses. The £ 12k I'm currently paying for accommodation has no VAT element but if I spent that £ 12k on hotels and I came out of the FRS then I'd be able to claim the VAT back on that = £ 2,400.
Incidentally, I just spoke to a letting agent regarding Company Lets. Has anybody got any experience of this? Entertaining the idea of taking out a company let, claiming the VAT back on it and subletting one of the rooms to somebody else.
Regarding company lets, you're no more likely to be dealing with a VAT registered landlord by doing it this way I don't think.Comment
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Originally posted by Alan @ BroomeAffinity View PostNeither cap ex or accounting fees count. There's a list up there ^^^ somewhere.
You can reclaim the VAT on this expenditure but it doesn't count toward the 2%. These are easily, and often, confused.
Although... isn't there another argument about when things are Capital and when they're not?Originally posted by MaryPoppinsI'd still not breastfeed a naziOriginally posted by vetranUrine is quite nourishingComment
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Originally posted by SueEllen View PostIs a hotel stay a good? Is it a tangible object?
Then you can answer your questions yourself.
I totally take your point, however, I've just trawled through VAT Notice 733 and there is no mention of hotels or accommodation at all (apart from rent). I just find it odd as this must be one of the most commonly claimed expenses.Comment
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Originally posted by Alan @ BroomeAffinity View PostSmall point: £12k hotel accommodation only has £2k VAT, not £2.4k.
Regarding company lets, you're no more likely to be dealing with a VAT registered landlord by doing it this way I don't think.Comment
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Originally posted by radish2008 View PostIt's amazing how much more energy you've expended when a simple yes or no would have done.
If you can't even work out the difference between a good and a service, then perhaps VAT is too complicated for you and you should just come off it and keep your turnover below the threshold.Comment
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Originally posted by d000hg View PostAlthough... isn't there another argument about when things are Capital and when they're not?
Capital expenditure - is the cost of any goods which are bought to be used in the business over a period of time (for example, longer than a year). Examples include equipment such as a computer, mobile phone, office furniture, a tablet or a printer, even if they are not necessarily treated as capital assets for accounting purposes. The legislation that describes capital expenditure goods can be found in VAT Regulations 1995, 55A (1).Comment
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Originally posted by d000hg View PostCheers. I was aware about services but not Capital Expenditure.
Although... isn't there another argument about when things are Capital and when they're not?
Being in IT you should explain to them why something costing £300 or under isn't capital expenditure and why something costing over this is."You’re just a bad memory who doesn’t know when to go away" JRComment
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