VAT Flat Rate Scheme Update

[PurpleGorilla]

What about insurance?

My prof indemnity, employers liability and public liability comes to £1k a year. (Niche engineering in high hazard industries).

[PurpleGorilla]

What about insurance?

My prof indemnity, employers liability and public liability comes to £1k a year. (Niche engineering in high hazard industries).

Also bank charges?

[psychocandy]

What about insurance?

My prof indemnity, employers liability and public liability comes to £1k a year. (Niche engineering in high hazard industries).

[Alan @ BroomeAffinity]

What about insurance?

My prof indemnity, employers liability and public liability comes to £1k a year. (Niche engineering in high hazard industries).

No VAT on insurance or bank charges.

[PurpleGorilla]

VAT Flat Rate Scheme Update

No VAT on insurance or bank charges.

Ok thanks. (There is an insurance levy tax mind!!!)

Looks like I may have to drop out of FRS.

I'm on 12% so a move to 16.5% on £100k turnover + VAT would be an extra £5,400 a year FRS...

I take it then all VAT expenses could then be deducted?

[eek]

Ok thanks. (There is an insurance levy tax mind!!!)

Looks like I may have to drop out of FRS.

I'm on 12% so a move to 16.5% on £100k turnover + VAT would be an extra £5,400 a year FRS...

Why are you on 12% (you probably shouldn't have been)?

[PurpleGorilla]

Why are you on 12% (you probably shouldn't have been)?

I don't want to go into the details. But I will say that I am 100% comfortable with this position.

[northernladuk]

Ok thanks. (There is an insurance levy tax mind!!!)

Looks like I may have to drop out of FRS.

I'm on 12% so a move to 16.5% on £100k turnover + VAT would be an extra £5,400 a year FRS...

I take it then all VAT expenses could then be deducted?

You've thought about speaking to your accountant about this?

[The Spartan]

Ok thanks. (There is an insurance levy tax mind!!!)

Looks like I may have to drop out of FRS.

I'm on 12% so a move to 16.5% on £100k turnover + VAT would be an extra £5,400 a year FRS...

I take it then all VAT expenses could then be deducted?

I'm dropping back to the to the standard VAT scheme, I'll be better off in the long run than staying on the FRS once the changes come in.

[PurpleGorilla]

You've thought about speaking to your accountant about this?

Yes I'm waiting for the reply