Originally posted by olisun
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VAT Flat Rate Scheme Update
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Originally posted by Alan @ BroomeAffinity View PostOn the new flat rate, you'll gain £200 for every £100k of revenue. Therefore if your "VATable" costs exceed £1200 per year it's financially beneficial. My view is its marginal at best in terms of effort v reward unless you're up around £2500. But that would be your call. Why isn't the accountant that you're paying not telling you this?merely at clientco for the entertainmentComment
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Originally posted by eek View PostI would argue over the effort v reward figure as I don't think processing vat invoices is that difficult with freeagent and an expenses app....Comment
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Originally posted by Alan @ BroomeAffinity View PostOn the new flat rate, you'll gain £200 for every £100k of revenue. Therefore if your "VATable" costs exceed £1200 per year it's financially beneficial. My view is its marginal at best in terms of effort v reward unless you're up around £2500. But that would be your call.
Originally posted by Alan @ BroomeAffinity View PostWhy isn't the accountant that you're paying not telling you this?
Also my accountant is trying to upsell the accountancy package will costs me £50 extra pm.Comment
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VAT Flat Rate Scheme Update
Originally posted by olisun View PostMy accountancy fees are £90 incl + insurance £33.xx + Approx £500 max on a new handset (if I feel like paying the full price).
I have emailed him but since it's the year end I am guessing there will be a delay in the response.
Also my accountant is trying to upsell the accountancy package will costs me £50 extra pm.Comment
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Originally posted by Alan @ BroomeAffinity View PostThat's true, and a fair point. But we've contacted all our clients setting out the scenarios in a very neutral way and around half of the marginal cases have decided either to stick with FRS or deregister.Comment
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With the extra effort involved in coming off the FRS can those that do foresee their accountancy fees rising as a result of any additional VAT admin overhead?
Eek thanks for the 'Xpenditure' tip I will have a look at that.
What I do find a bit odd about Freeagent is that it is dead easy to link a receipt to a bank transaction explanation but not so easy to get at it again afterwards.So now I am worried, am I being deceived, just how much sugar is really in a spoon full!Comment
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Originally posted by DallasDad View PostWith the extra effort involved in coming off the FRS can those that do foresee their accountancy fees rising as a result of any additional VAT admin overhead?.Comment
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Ok - stupid question but what about direct debits for things like mobile business phones, accountant fees - how do you get a vat invoice for those?Comment
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Originally posted by PurpleGorilla View PostOk - stupid question but what about direct debits for things like mobile business phones, accountant fees - how do you get a vat invoice for those?
Ask your supplier for a VAT receipt and they should provide you with one.First they ignore you, then they laugh at you, then they fight you, then you win. But Gandhi never had to deal with HMRCComment
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