Changes in Flat Rate Tax Scheme 1/4/17

[Lance]

My initial cynical thoughts at the time were "how can I boost my spend on goods to >£1000?" so that the new rules don't apply. Will be getting proper advice from the accountant before making a decision.

that won't work unless they're goods you sell. You cannot just increase your general expenses or buy more assets. There is a list of exclusions that won't count. Read them and then switch to normal VAT anyway.

[5000]

that won't work unless they're goods you sell. You cannot just increase your general expenses or buy more assets. There is a list of exclusions that won't count. Read them and then switch to normal VAT anyway.

I'm looking to sell some stuff that would cost me circa £1000 to source. Willing to sell on for £999 + VAT ex works

Any takers?

[TheCyclingProgrammer]

I'm looking to sell some stuff that would cost me circa £1000 to source. Willing to sell on for £999 + VAT ex works

Any takers?

If you read any of the threads I linked to before you'll see we've already gone over the various interesting methods of trying to get around the changes.

The conclusion remains for most of us it is simple enough to switch to the standard rate scheme at the expense of a bit of added paperwork and receipt collection (if you're inclined to want to reclaim the VAT on everything).

[hugebrain]

I'm looking to sell some stuff that would cost me circa £1000 to source. Willing to sell on for £999 + VAT ex works

Any takers?

Seriously, wouldn't you be OK selling the £1000 item for say £300 plus vat. This way you shouldn't have any trouble making the sale and you still make a 300 pound profit after tax?

Or am I misunderstanding the system?

[TheCyclingProgrammer]

Seriously, wouldn't you be OK selling the £1000 item for say £300 plus vat. This way you shouldn't have any trouble making the sale and you still make a 300 pound profit after tax?

Or am I misunderstanding the system?

If you think buying something for £1000 and selling it for £300 would give you £300 profit then you're misunderstanding more than just VAT...

[northernladuk]

So we've got hugebrain and genius on the forums today with some.. Erm... Odd questions

I can't wait for Haven'tAF***ingClue and NoIdea to register and start posting

[hugebrain]

If you think buying something for £1000 and selling it for £300 would give you £300 profit then you're misunderstanding more than just VAT...

I thought that if you do it right, you spend a thousand, save a thousand in tax, then sell for three hundred, giving you a sweet 300 quid profit?

You make money, your customer gets a good deal, your enemies miss out on the extra tax. What's not to like?

[blacjac]

I thought that if you do it right, you spend a thousand, save a thousand in tax, then sell for three hundred, giving you a sweet 300 quid profit?

You make money, your customer gets a good deal, your enemies miss out on the extra tax. What's not to like?

[SlipTheJab]

So we've got hugebrain and genius on the forums today with some.. Erm... Odd questions

I can't wait for Haven'tAF***ingClue and NoIdea to register and start posting

PC and Suity will be along in a bit

[MrMarkyMark]

FTFY

PC and Suity, also known as Hinge and Bracket, will be along in a bit