Still gathering requirements...
Flat Rate VAT
Due to too many commitments and a bit of laziness I'm getting a subcontractor to take on one of my projects.
I need to consider whether it would make sense to come off the flat rate vat scheme. Is there an easy way to work out the point where that would make sense? I guess it's if the VAT paid out to subcontractor would exceed 2 (or is it 3)% of turnover for the year ahead. Does that sound right?
Can I make the decision part way through a quarter so I can see how much it's likely to cost, and then still apply normal vat rules for the whole of that quarter?
thanks for any help