• 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!

VAT FRS new rate

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    #41
    Originally posted by pr1 View Post
    looking forward to the tax avoidance schemers making 100 companies that sell each other 2k of goods in a massive circle until the first company returns them for a full refund just so they can all keep their FRS percentage down
    There were people that discussed getting 10 or 15 contractor co's together back in the early days of IR35 who were all going to do 'consultancy' for each other and pass a couple of grand round between them every month so they all had multiple concurrent clients Nothing would surprise me.
    When freedom comes along, don't PISH in the water supply.....

    Comment


      #42
      Originally posted by pr1 View Post
      looking forward to the tax avoidance schemers making 100 companies that sell each other 2k of goods in a massive circle until the first company returns them for a full refund just so they can all keep their FRS percentage down
      It's the VAT part of HMRC. I wouldn't annoy them...
      "You’re just a bad memory who doesn’t know when to go away" JR

      Comment


        #43
        Originally posted by SueEllen View Post
        It's the VAT part of HMRC. I wouldn't annoy them...
        Agreed, it goes straight over to Bluestone credit management these days, should you forget to make a payment

        Conversely, quite a number of years ago, I sent a cheque from India (yes I know) that "surprisingly" didn't make it to HMRC.

        3 months later, when returning, I gave them a call and they were totally fine about it, "Oh, you usually have paid on time etc...", very, very, unnerving
        The Chunt of Chunts.

        Comment


          #44
          Originally posted by mudskipper View Post
          Pro rated, so £250 a quarter.
          Is it actually defined somewhere what the relevant "accounting period" is? Is it in the draft legislation?

          Comment


            #45
            Originally posted by TheCyclingProgrammer View Post
            Is it actually defined somewhere what the relevant "accounting period" is? Is it in the draft legislation?
            It's not defined anywhere that I've seen.
            Best Forum Advisor 2014
            Work in the public sector? You can read my FAQ here
            Click here to get 15% off your first year's IPSE membership

            Comment


              #46
              Originally posted by ContractorBanking View Post
              looking at it from the other perspective, for a typical IT contractor, do we know what is allowed in terms of goods?
              Can't think of much other than stationary and a few other consumable items (printer ink, replacement batteries for devices) so long as these are exclusively for business use.

              And if we're all being honest, how many of us have a company owned printer and other stationary that isn't sometimes used for non-business purposes?
              Last edited by TheCyclingProgrammer; 16 December 2016, 16:23.

              Comment


                #47
                Originally posted by pr1 View Post
                looking forward to the tax avoidance schemers making 100 companies that sell each other 2k of goods in a massive circle until the first company returns them for a full refund just so they can all keep their FRS percentage down
                Until the VAT man comes along and says that the transactions for not for business purposes and disallows the whole scheme and you owe loads of VAT to a pissed off VAT man, all so you could avoid having to go onto the standard scheme.

                Comment


                  #48
                  Originally posted by TheFaQQer View Post
                  It's not defined anywhere that I've seen.
                  Its defined in the context of VAT here:

                  https://www.gov.uk/vat-returns/overview

                  So it *probably* means every VAT quarter. But I'm still not sure it will make a massive difference to most of us in terms of whether you'd make a net loss by staying on the FRS.

                  Comment


                    #49
                    Originally posted by TheCyclingProgrammer View Post
                    Its defined in the context of VAT here:

                    https://www.gov.uk/vat-returns/overview

                    So it *probably* means every VAT quarter. But I'm still not sure it will make a massive difference to most of us in terms of whether you'd make a net loss by staying on the FRS.
                    The InTouch blog on the topic says "Registered businesses will need to conduct a test every accounting period. The legislation does not say whether they mean the VAT Return accounting period or the business accounting period. The £1,000 however, is an annual limit and so would need to be apportioned to reflect the period considered. Clarity will come forth in the guidance in due course."
                    Best Forum Advisor 2014
                    Work in the public sector? You can read my FAQ here
                    Click here to get 15% off your first year's IPSE membership

                    Comment


                      #50
                      Originally posted by TheFaQQer View Post
                      Clarity will come forth in the guidance in due course."

                      Comment

                      Working...
                      X