Originally posted by Michael at BI Accountancy
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Reply to: Flat Rate Scheme for IT contractor?
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Previously on "Flat Rate Scheme for IT contractor?"
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Originally posted by sketchandsunshine View PostNo. I’m sure I looked this up a couple of days ago so I could diarise when to switch.
It’s from the effective date of being vat registered (which is on your vat cert) can be different from the date you applied or the date you started trading.
I.e when you register for flat rate you say when you want to start from.
it is one year from the anniversary of your being VAT registered
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Originally posted by l35kee View PostI bought my laptop etc first, then moved on to the flat rate scheme. 1% discount starts from your trading date I believe.
It’s from the effective date of being vat registered (which is on your vat cert) can be different from the date you applied or the date you started trading.
I.e when you register for flat rate you say when you want to start from.
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I bought my laptop etc first, then moved on to the flat rate scheme. 1% discount starts from your trading date I believe.
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Originally posted by zonkkk View PostFlat Rate for first year.
Make sure to buy all your fixed assets (laptop, etc.) before the Flat Rate start date, and you can claim VAT for those as well.
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Flat Rate for first year.
Make sure to buy all your fixed assets (laptop, etc.) before the Flat Rate start date, and you can claim VAT for those as well.
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Originally posted by l35kee View PostI record all my expenses in FreeAgent anyway. It's too easy not to. VAT calculations are all done for my accountant..!
As you say, no reason not to.
If an accountant recommends FRS to a contractor it's simply less work for them.
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I record all my expenses in FreeAgent anyway. It's too easy not to. VAT calculations are all done for my accountant..!
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Originally posted by northernladuk View PostNot sure about that. I don't know anyone who's had their fees put up and would be disappointed if they did. You pay to have your vat done as part of the package.
Though in the context of the OP and being new to the game, then the discussion with a new accountant on how the services will be delivered and what is required in the form of paperwork would dictate the cost of the service.
For example I could have just tagged and bagged all the paperwork and handed it over to my accountant to sift through and sort out, but it would have cost more than the approach we agreed, where I would spreadsheet it all ensuring it tied up to the company bank statements and provided supplemental paperwork only where required and requested by the accountant.
I suppose the difference may be in accountant approaches, where some offer a full flat rate monthly charged service (so should see no real difference when moving between standard/flat rate) and some offer a tailored service so can pick and choose which bits you are comfortable doing yourself (if any) to reduce the overall fees and only pay for work done as it is done.
All part of the 'joys' of being new to contracting deciding which of those paths to go down and when it may be worth changing paths.
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Originally posted by northernladuk View PostLooks like you'll have to do drop the luxury pack on the next Bentley and opt for the bog standard one next year won't you.
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Originally posted by Alan @ BroomeAffinity View PostThis is true. But bar in mind that there have been a number of changes foisted upon us recently that has increased the accountants’ workload: the new divi tax has invariably meant the second shareholder requires a tax return where previously they didn’t. There is pressure on our margins so it’d be understandable if the fees were to rise for standard VAT contractors. I’m not aware of anyone who has linked a fee rise specifically to this but it’s probably no coincidence that fees in general have risen of late. Not ours though :-)
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Originally posted by northernladuk View PostNot sure about that. I don't know anyone who's had their fees put up and would be disappointed if they did. You pay to have your vat done as part of the package.
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Not sure about that. I don't know anyone who's had their fees put up and would be disappointed if they did. You pay to have your vat done as part of the package.
Leave a comment:
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