Autumn statement - end of VAT flat rate scheme?

[Major Hassle]

I beg to differ [emoji3]

Notwithstanding that, there's a FRS calculator on this site so no need to faf about Flat Rate VAT Calculator

[TheCyclingProgrammer]

you clearly don't understand it or are bad a maths or both
if you're on flat rate you receive 2000 VAT from the agency or your client and you pay 1650 to HMRC VAT
so you keep 350 in your pocket over which you pay 20% corporation tax which leave you with 280 Nett in your pocket
If you're not on a flat rate you pay the full 2000 to HMRC minus whatever VAT you paid to others and zero in your pocket so to go on full VAT rate is only profitable if you're expenses are £1400+VAT or over else you should stay on flat rate.

How many times do you need to be told you're wrong and have the correct calculation shown to you before you realise you're wrong?

Edit: 5 times, the answer is 5 times.

[Lance]

How many times do you need to be told you're wrong and have the correct calculation shown to you before you realise you're wrong?

he admits to being wrong on the previous page. Took a while mind

[northernladuk]

he admits to being wrong on the previous page. Took a while mind

Not before the whole thread turned in to a car crash.

[Alan @ BroomeAffinity]

you clearly don't understand it or are bad a maths or both
if you're on flat rate you receive 2000 VAT from the agency or your client and you pay 1650 to HMRC VAT
so you keep 350 in your pocket over which you pay 20% corporation tax which leave you with 280 Nett in your pocket
If you're not on a flat rate you pay the full 2000 to HMRC minus whatever VAT you paid to others and zero in your pocket so to go on full VAT rate is only profitable if you're expenses are £1400+VAT or over else you should stay on flat rate.

Skitt's Law in action right there.

[blackeye]

I've just calculated and my net profits are down £7200pa now due to the new flat rate scheme. Which equates to circa 5k a year net in my pocket - which is a lot of money.
This with the increased in divi taxes mean that there is less than £100 a month difference between the a LTD and umbrella.

With the looming IR35 policy changes, it's not worth it anymore. The heydays are over.

I can't see our accountants rushing to disclose this information...

[eek]

I've just calculated and my net profits are down £7200pa now due to the new flat rate scheme. Which equates to circa 5k a year net in my pocket - which is a lot of money.
This with the increased in divi taxes mean that there is less than £100 a month difference between the a LTD and umbrella.

With the looming IR35 policy changes, it's not worth it anymore. The heydays are over.

I can't see our accountants rushing to disclose this information...

FRS can't make a £7200 difference. That implies your turnover is £300,000 and the limit for FRS is £230,000 (including VAT) so £192,000 excluding VAT.

[northernladuk]

Wish people would leave the number crunching off the thread. Not one person has got it right yet.

[stek]

I've just calculated and my net profits are down £7200pa now due to the new flat rate scheme. Which equates to circa 5k a year net in my pocket - which is a lot of money.
This with the increased in divi taxes mean that there is less than £100 a month difference between the a LTD and umbrella.

With the looming IR35 policy changes, it's not worth it anymore. The heydays are over.

I can't see our accountants rushing to disclose this information...

Eh!!??

[stek]

Wish people would leave the number crunching off the thread. Not one person has got it right yet.

You have to carry the 1, cross off the 10's and add the difference, cross off the zero's and add the first number you thought off, and that's your star sign?

Am I correct?