accountants keep my vat gain from flat rate

[hugebrain]

Hi,
Well before, you see, we were keeping the margin between the 17.5% VAT rate and the 12% flat rate scheme that we registered your company for when we set it up. So, in actual fact, you are taking home more money now than what you were before we made this change. Great.

What about the 5.5% / 4.5% of all invoices issued in the past year that you creamed from me without me knowing about it? Which would amount to something like £6000 over the 2 years?

Not much consolation I know, but the VAT flat rate scheme is a scam and when they say 12% they really mean 14.1%. So the accountants haven't ripped you off quite as much as you thought.

[Sockpuppet]

Not much consolation I know, but the VAT flat rate scheme is a scam and when they say 12% they really mean 14.1%. So the accountants haven't ripped you off quite as much as you thought.

Of course you could just go on the normal vat scheme and get sweet FA from el gordo.

Some people never happy....grumble.

[Kylie4485]

just curious

was you setup in the 'single person' umbrella company or did you setup a limited company?

[TheFaQQer]

just curious

was you setup in the 'single person' umbrella company or did you setup a limited company?

were

[Kylie4485]

thanks

[dude69]

Remove word accountants and insert word MSC then it starts to make more sense.

They are not "real" accountants.

Indeed.

If you don't run a real company, it's hard to complain. Equally if you don't understand the difference between MSC and accountant.

These people really should be working permie/under IR35.

I doubt these MSC contracts give you any rights whatsoever. That's why I'm glad I have my own company, there's nobody to rip me off that way.

[jiminajam]

My 'accountants' gave me an off the shelf limited company, which I was then named as director of.

My consultancy contract was between this company and the client. The 'accountants' were not mentioned anywhere.

With regards to permie / contract; I have had over 10 different clients over the past 2 years. I've even subcontracted some of this work out to other companies. Granted, 1 client was continuous over the 2 year period, but I have been marketing / trading as a legitimate business in all the time that I have been director of this company.

[vhadiant]

How is PayStream an MSC? As long as you have you own company, your own company bank account then they are not MSC are they?

[dude69]

My 'accountants' gave me an off the shelf limited company, which I was then named as director of.

My consultancy contract was between this company and the client. The 'accountants' were not mentioned anywhere.

Fair enough, but your company has a bank account. Your accountant doesn't. VAT payments are paid to HMRC, not your accountant. Accountancy fees are payable to your accountant, so it's quite transparent how much you are paying.

The only way anyone can get any money off you is if you pay it to them.

How did the accountant get this money, given that it's your limited company with you as a director, and the company having its own bank account?

Very confusing.

[tay]

2 words;

1st; 'sounds like' say, another name for wage
2nd; 'sounds like' dream, small river

I wonder how many other contracters were offered this unique service.

I dont get it. Day Stream? Pay Stream? Gay Stream? Tay Stream ?