Multipler income streams under Flat Rate VAT

[Clare@InTouch]

Apart from Clare who is probably either still in the pub or is fast asleep at her desk.

Darn it, rumbled! I was having a snooze

[northernladuk]

Thanks all, prompt and helpful as always

Apart from Clare who is probably either still in the pub or is fast asleep at her desk.

[DaveB]

Thanks all, prompt and helpful as always

[northernladuk]

You can't use two different flat rates under one VAT registration, so you'd need to register a separate business if you wanted to do that. Otherwise you use the one that makes up the most significant part of your income.

<Yawn><Casually looks at watch> Took your time!

[Clare@InTouch]

You can't use two different flat rates under one VAT registration, so you'd need to register a separate business if you wanted to do that. Otherwise you use the one that makes up the most significant part of your income.

[malvolio]

Hypothetical question.

MyCo. is registered for flat rate VAT for my contracting business.

If I get a plan B off the ground that qualifies for a different rate on the FRS can I run it through MyCo and pay VAT as appropriate or do I need a new LTD registred for the FRS in it's own right at the new rate?

Or you come off FRS.

HTH...

[northernladuk]

Don't think it really answers your problem but you mean along the lines of this?

FRS Vat scheme and other income | AccountingWEB

EDIT

This looks more useful..

http://customs.hmrc.gov.uk/channelsP...345#P184_16744

4.6 What if my business fits into more than one sector?
If your business includes supplies in two or more sectors, you must apply the percentage appropriate to your main business activity as measured by turnover. Choose the sector for which your business gets the greater part of its turnover. Do not split your turnover, or apply more than one percentage.

Example:

If a taxi business does some car repairs, it will have to decide which of the two activities will generate the larger amount of turnover and apply the appropriate flat rate percentage to the whole of its VAT inclusive turnover.

[DaveB]

Hypothetical question.

MyCo. is registered for flat rate VAT for my contracting business.

If I get a plan B off the ground that qualifies for a different rate on the FRS can I run it through MyCo and pay VAT as appropriate or do I need a new LTD registred for the FRS in it's own right at the new rate?