Flat Rate Scheme for IT contractor?

[l35kee]

I record all my expenses in FreeAgent anyway. It's too easy not to. VAT calculations are all done for my accountant..!

[Lance]

I record all my expenses in FreeAgent anyway. It's too easy not to. VAT calculations are all done for my accountant..!

My accountant reviews every receipt in FA and regularly corrects the VATable amount (I make a lot of errors).
As you say, no reason not to.

If an accountant recommends FRS to a contractor it's simply less work for them.

[zonkkk]

Flat Rate for first year.

Make sure to buy all your fixed assets (laptop, etc.) before the Flat Rate start date, and you can claim VAT for those as well.

[SeanT]

Flat Rate for first year.

Make sure to buy all your fixed assets (laptop, etc.) before the Flat Rate start date, and you can claim VAT for those as well.

Although if the laptop purchase (including anything else you buy in the same order iirc) is over £2k ex. VAT you can claim for this after registration too.

[zonkkk]

Although if the laptop purchase (including anything else you buy in the same order iirc) is over £2k ex. VAT you can claim for this after registration too.

Correct!

[l35kee]

I bought my laptop etc first, then moved on to the flat rate scheme. 1% discount starts from your trading date I believe.

[MrButton]

I bought my laptop etc first, then moved on to the flat rate scheme. 1% discount starts from your trading date I believe.

No. I’m sure I looked this up a couple of days ago so I could diarise when to switch.

It’s from the effective date of being vat registered (which is on your vat cert) can be different from the date you applied or the date you started trading.

I.e when you register for flat rate you say when you want to start from.

[l35kee]

No. I’m sure I looked this up a couple of days ago so I could diarise when to switch.

It’s from the effective date of being vat registered (which is on your vat cert) can be different from the date you applied or the date you started trading.

I.e when you register for flat rate you say when you want to start from.

Ahh yeah, just looked up what my accountant said

it is one year from the anniversary of your being VAT registered

[Michael at BI Accountancy]

-20% corporation tax

19%

[stek]

19%

12.5%, in this country......