Originally posted by TheCyclingProgrammer
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Reply to: New to Contracting - VAT Question
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Previously on "New to Contracting - VAT Question"
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Originally posted by simes View PostIndeed. I just didn't think the OP was anywhere near all that...
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Originally posted by TheCyclingProgrammer View PostThat depends on if it’s a disbursement or a recharge. If OP is purchasing equipment on behalf of their client (that the client then owns) it should be treated as a disbursement. In which case it’s:
Day Rate
Total
+ VAT
+ Disbursements
Recharges would be costs you incur yourself in performing the contract that the client has agreed to reimburse separately like travel, accommodation and subsistence. These can be recharged at whatever cost you agree with the client.
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Originally posted by newITcontr View PostJust stating Networking contracting, CCNA R&S and CCNA Security Cert....working to CCNP + CCNP Sec
I've not contracted before and mostly my experience comes from full time employment, my main questions are on VAT.
Looking to form a LTD company, I'll be contracting through this but the company will have 2 other IT business interests and will be dealing directly with Residential/Corporate customers.
Will be going VAT registered immediately as I have a lot of setup equipment to buy and will need the VAT back, I was wondering about the day rates I see networking contracts advertised at.
Say the day rate is £300, if I'm VAT registered will the agency pay VAT on top of my day rate ? Obviously, if I'm VAT registered I'll need to be charging VAT on my contracting work.
Advice greatly appreciated.
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Originally posted by simes View PostYes. And indeed on top of any expenses you incur specifically for the client, that the client will specifically reimburse you on.
Day Rate
Expenses
Total
+ VAT
Total Invoiced
Day Rate
Total
+ VAT
+ Disbursements
Recharges would be costs you incur yourself in performing the contract that the client has agreed to reimburse separately like travel, accommodation and subsistence. These can be recharged at whatever cost you agree with the client.
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Originally posted by northernladuk View PostIf you are that new you really need an accountant and you need to speak to them. They should guide you through the start up questions. Don't worry about pestering them constantly. You are paying for it.
Don't forget to read the newbie guides to the right and trawl google. Any question you can think of in your situation will have been asked endless times. You'll learn a lot more reading up to find your answer than you will just asking us.
Got a bit of reading to do I think.
Appreciated NLUK, I don't want to fill the forum with redundant questions...
I'll get to reading the newbie stuff here, thanks to those who've answered though!
Look forward to being a part of this forum and hope to be able to contribute ...something...sometime
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If you are that new you really need an accountant and you need to speak to them. They should guide you through the start up questions. Don't worry about pestering them constantly. You are paying for it.
Don't forget to read the newbie guides to the right and trawl google. Any question you can think of in your situation will have been asked endless times. You'll learn a lot more reading up to find your answer than you will just asking us.
Got a bit of reading to do I think.
Leave a comment:
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Originally posted by newITcontr View PostJust stating Networking contracting, CCNA R&S and CCNA Security Cert....working to CCNP + CCNP Sec
I've not contracted before and mostly my experience comes from full time employment, my main questions are on VAT.
Looking to form a LTD company, I'll be contracting through this but the company will have 2 other IT business interests and will be dealing directly with Residential/Corporate customers.
Will be going VAT registered immediately as I have a lot of setup equipment to buy and will need the VAT back, I was wondering about the day rates I see networking contracts advertised at.
Say the day rate is £300, if I'm VAT registered will the agency pay VAT on top of my day rate ? Obviously, if I'm VAT registered I'll need to be charging VAT on my contracting work.
Advice greatly appreciated.
Day Rate
Expenses
Total
+ VAT
Total Invoiced
Leave a comment:
-
New to Contracting - VAT Question
Just stating Networking contracting, CCNA R&S and CCNA Security Cert....working to CCNP + CCNP Sec
I've not contracted before and mostly my experience comes from full time employment, my main questions are on VAT.
Looking to form a LTD company, I'll be contracting through this but the company will have 2 other IT business interests and will be dealing directly with Residential/Corporate customers.
Will be going VAT registered immediately as I have a lot of setup equipment to buy and will need the VAT back, I was wondering about the day rates I see networking contracts advertised at.
Say the day rate is £300, if I'm VAT registered will the agency pay VAT on top of my day rate ? Obviously, if I'm VAT registered I'll need to be charging VAT on my contracting work.
Advice greatly appreciated.
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