Autumn Statement 2016

[eek]

More fool you

Hang on you pay £80 a WEEK for accommodation? You stay in the YMCA?

Digs in a shared house - I'm up north in an area that makes County Durham look nice...

[d000hg]

County Durham IS nice. Just not the bits where people live (well the ex-pit villages)

[riffpie]

I do occasionally buy hardware but not frequently enough to make any difference and capital expenditure is also discounted anyway.

Wonder if leasing hardware would be better. It's then opex rather than capex.

[eek]

County Durham IS nice. Just not the bits where people live (well the ex-pit villages)

Yep I know that. It was the pit villages and towns (bar bits of Darlington, Barnie, Durham and Bish) that I was thinking about

[TheCyclingProgrammer]

Wonder if leasing hardware would be better. It's then opex rather than capex.

I don't know - would leasing still be considered a purchase of goods or a purchase of services?

[riffpie]

I don't know - would leasing still be considered a purchase of goods or a purchase of services?

It isn't a purchase of anything. Leasing equipment is often done so that it's an opex cost rather than a capex one.

[ladymuck]

It isn't a purchase of anything. Leasing equipment is often done so that it's an opex cost rather than a capex one.

Agree, leasing is opex.

[MrMarkyMark]

I suppose a reasonable number of people do but I very much doubt it's the norm. And nobody is going to have any sympathy that people earning £100k+ are getting squeezed a bit... it's not like "the rich" who just sneak inside the higher tax threshold and get ire from the lefties, or indeed that you're paying more tax - surely a loophole is just being tightened?

I personally think if you can bring in £10k/month then good on you. But that puts you into the super-tax territory not just FRS issues

I believe you have spectacularly missed the point, lets consider a £600 day rate, certainly not unusual in the city .

HMRC will actually collect less of something that is non refundable to the businesses involved, as they are zero VAT rated, that's the funny bit

Example for a day, £600 PD.

At 20% Rate and on FRS
£600 PD
£120 VAT
£720 Invoice Total

14.5% Invoice Total to HMRC = £104.40

At 16.5% and FRS
£600 PD
£99 VAT
£699 Invoice Total

14.5% Invoice Total to HMRC = £101.35

[FarmerPalmer]

but isn't leasing accounted for as a service then rather than goods, so still wouldn't count for the new FRS rules

[TheCyclingProgrammer]

It isn't a purchase of anything. Leasing equipment is often done so that it's an opex cost rather than a capex one.

I mean in VAT terms. Is it a good or a service? I would have thought it was a service, even if what you were leasing was a good, but I don't know, what's why I'm asking.