VAT registration

[Gonzo]

At the end my accountant advised to register for the regular VAT not the flat rate one !!

It depends. If your company's outgoings on things with VAT charged are very low then the flat rate scheme is normally better.

If there are large expenses that you can reclaim the VAT on then the normal regime is better.

Usual disclaimer - IANAA etc etc.

[Sockpuppet]

At the end my accountant advised to register for the regular VAT not the flat rate one !!

Well it depends how much your inputs are but the general concensus is that Flat rate VAT is better.

What are you invoices / costs each month?

e.g.

Per Week

£1000 in
£150 out

Flat Rate:
Vat on 1000 = £175
Vat Claimed Back = £26.25

Normal:
Vat On £1000 = £175
Vat Claimed Back ([1000 * 17.5%] - [1000 * 11%]) = £65

So total benefit: £28.75

[martinb]

Doesnt matter what you do you'll probably get tSIC 72220. I build warehouses and I got other software consultancy and supply.

Don't understand. You don't "get" a SIC code - YOU choose the one most appropriate for your business. But, to be fair, I can't remember which piece of paper you use to notify your chosen SIC code.

[Pondlife]

Well it depends how much your inputs are but the general concensus is that Flat rate VAT is better.

What are you invoices / costs each month?

e.g.

Per Week

£1000 in
£150 out

Flat Rate:
Vat on 1000 = £175
Vat Claimed Back = £26.25

Normal:
Vat On £1000 = £175
Vat Claimed Back ([1000 * 17.5%] - [1000 * 11%]) = £65

So total benefit: £28.75

Wrong way round

Also the 11% (or whatever) is applied to Sales + VAT i.e. £1175 * 11%

[Sockpuppet]

Wrong way round

Also the 11% (or whatever) is applied to Sales + VAT i.e. £1175 * 11%

Shhh...I'd almost got away with it.

[Sockpuppet]

Don't understand. You don't "get" a SIC code - YOU choose the one most appropriate for your business. But, to be fair, I can't remember which piece of paper you use to notify your chosen SIC code.

When you send in the inital VAT form they give you a SIC code which you can change. I had to change mine but was told that there wasnt a SIC code for management consultancy.

[meridian]

Doesnt matter what you do you'll probably get tSIC 72220. I build warehouses and I got other software consultancy and supply.

You're a structural engineer?

[Sockpuppet]

Nope.

Most new warehouses are "speculative builds" i.e. there is no-one ordering it the developer just think that one will be needed in that area soon.

I take the clients plans, look for a suitable site (within the area defined by the COG study) that has planning permission (based on the drawings) and make changes as nessecary for the specifics of the project.

Or as seems to be happening more and more fixing the mistakes other people make when they do it in house.

[freakydancer]

Nope.

Most new warehouses are "speculative builds" i.e. there is no-one ordering it the developer just think that one will be needed in that area soon.

I take the clients plans, look for a suitable site (within the area defined by the COG study) that has planning permission (based on the drawings) and make changes as nessecary for the specifics of the project.

Or as seems to be happening more and more fixing the mistakes other people make when they do it in house.

So you're not an IT monkey then?

[Sockpuppet]

Nope. No monkey here.