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Annual Expenditure and Flat Rate VAT

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    Annual Expenditure and Flat Rate VAT

    So I'm thinking that in order to maintain this next year all I have to do is buy a new company laptop which meets the threshold amount (a fully loaded up MBP will do the trick and I do need a new one soon), net result is a free Laptop if I do the maths (what I gain in FRS I will shell out for the new MBP). Anyone see a problem with this (I know I can't do this every year by the way!)

    #2
    Originally posted by SlipTheJab View Post
    So I'm thinking that in order to maintain this next year all I have to do is buy a new company laptop which meets the threshold amount (a fully loaded up MBP will do the trick and I do need a new one soon), net result is a free Laptop if I do the maths (what I gain in FRS I will shell out for the new MBP). Anyone see a problem with this (I know I can't do this every year by the way!)
    Unfortunately capital expenditure doesn't qualify. It will be very hard for contractors to qualify to remain on the flat rate scheme.

    There is currently an 8 week consultation period, which an update is hopeful after 8 March to clarify what expenditure qualifies.

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      #3
      Originally posted by Neil@Intouch View Post
      Unfortunately capital expenditure doesn't qualify.
      Yup, including stuff you put through your books as an expense rather than a capital asset, as its capital expenditure as per VAT rules, not accounting rules. And of course, to claim the VAT in the first place on the FRS it would have to be capital expenditure...

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        #4
        Aah feck, never mind

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