Originally posted by PerfectStorm
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Delaying VAT payments
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Originally posted by ladymuck View PostVAT should never be part of your reserves? It comes in and goes straight back out again. Why would you ever consider doing anything else with it? All your expenses, whatever they may be, should come out of the net portion of your invoice. To do anything else is a dangerous and slippery slope.
Deferral of VAT payments due to coronavirus (COVID-19)
Temporary changes to the VAT payments due between 20 March 2020 and 30 June 2020 to help businesses manage their cash flow.
I just feel like I am really disconnected with everyone here so I will just drop out of this thread.
I will say though anyone reading this thread who feels like their business is struggling or might be struggling soon, do not feel ashamed or get bullied by people here into not taking help that the government is offering you. Whether that is vat deferrals, furlough scheme, etc. It's all there for a reason. To keep businesses afloat and if the choice is insolvency or using one of these programs well then you can make your own choice but definitely don't let people bully you into feeling guilty for using one of these programs.Comment
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Originally posted by jayn200 View PostDeferral of VAT payments due to coronavirus (COVID-19) - GOV.UK
They have it literally in the title of the gov UK advice that deferral of VAT is meant for cash flow purposes. The government expects businesses to potentially need to spend this VAT money in the interim which means the government is accepting the risk that a % of businesses will default on this in a years time. Not saying that will be my business I am in a good position + am still in contract.
I just feel like I am really disconnected with everyone here so I will just drop out of this thread.
I will say though anyone reading this thread who feels like their business is struggling or might be struggling soon, do not feel ashamed or get bullied by people here into not taking help that the government is offering you. Whether that is vat deferrals, furlough scheme, etc. It's all there for a reason. To keep businesses afloat and if the choice is insolvency or using one of these programs well then you can make your own choice but definitely don't let people bully you into feeling guilty for using one of these programs.
You are right - each business should assess their own position and decide for themselves which schemes to use that will help them the most.Comment
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They could do everyone a solid favour and knock out corporation tax for a year
(if anything of course, it'll need increasing to pay for all these schemes the government is forking out for)
Don't be shy about claiming what's on offer - contractors are sure as hell going to be paying for it⭐️ Gold Star ContractorComment
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Originally posted by PerfectStorm View PostThey could do everyone a solid favour and knock out corporation tax for a year
(if anything of course, it'll need increasing to pay for all these schemes the government is forking out for)
Don't be shy about claiming what's on offer - contractors are sure as hell going to be paying for itComment
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