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Previously on "Anyone taking up the offer of a VAT deferment?"
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Originally posted by northernladuk View PostI assume what he must have meant was a good friend who does accounting. I can't see a good accountant firing a blank as big as that one.
Ultimately if they are wrong (and as I said they only suspected it) then I'm no worse off if I pay it at the end of the year, I they are correct then I don;t have to pay it
Seems like a no win no fee concept to me
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I would say they'd do it on a future quarter if at all. Seems unlikely. Or maybe some CT relief.
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Originally posted by Andy Hallett View PostThis won't happen, they'll have enough of these with liquidations.
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Originally posted by oilboil View PostI'd generally agree, but a good accounting friend suggested that there is a possibility that whilst its currently a deferral it could well be cancelled in the future - so in case they are correct I'm going to hold on to it
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Originally posted by oilboil View PostI'd generally agree, but a good accounting friend suggested that there is a possibility that whilst its currently a deferral it could well be cancelled in the future - so in case they are correct I'm going to hold on to it
You friends with scooter in real life or something?
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Originally posted by oilboil View PostI'd generally agree, but a good accounting friend suggested that there is a possibility that whilst its currently a deferral it could well be cancelled in the future - so in case they are correct I'm going to hold on to it
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Originally posted by Lance View Postas a one man contractor it's not cashflow that should worry you. If you have insufficient cash you are more than likely insolvent.
Holding on to VAT doesn't give you any rights to spend it so there's no advantage.
If you're a real business with staff, rent, equipment lease, etc, then deferring VAT may be the difference between bankruptcy and not, but that is unlikely to be the case for a contractor.
So pay the VAT as there's no benefit in not doing.
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Originally posted by d000hg View PostUnless you have to. Like to put food in your family's mouths and keep a roof over their heads, not so you can make a mortgage payment on time.
The correct course of action in that situation is to pay the tax and make a benefits claim.
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I paid mine the day they announced it could be deferred but I would have paid it anyway.
I once paid VAT too early and had all sorts of strife from HMRC. They couldn’t see I had paid because it had gone into the wrong quarter and they couldn’t seem to marry up what I had paid and what I was due. They said I couldn’t get into their debt again for 12 months or I would have to pay a penalty despite me not being in debt.
I wouldn’t give them the excuse to chase me for anything now.
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I'm deferring for as long as possible and investing it all in Crypto. What could possibly go wrong? Scooter says so.....
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