Originally posted by Waldorf
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Autumn statement - end of VAT flat rate scheme?
Collapse
X
Collapse
-
"You’re just a bad memory who doesn’t know when to go away" JR -
Originally posted by SueEllen View PostI will be doing the same after my next return, simply because I have to stay occasionally in hotels.Comment
-
Originally posted by dingdong View PostJust watched the Autumn Statement and Hammond suggested there would be changes coming (ie. closure) of the flat rate VAT scheme to increase tax revenues.
Which basically means less profit and a lot more admin for most contractors.
Eggs ... Grandma ... etc ...
A1 = Daily Rate (£400)
A2 = VAT (£80)
A3 = Gross Rate (£480)
So in excel use the formula =A1+A2-(A3*0.145) to work out this years VAT you keep per day.
Which is currently £10.40 or 13% of VAT
From April the formula becomes =A1+A2-(A3*0.165) which means you keep 80p or 1% of VATComment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment