OK, I'll try another one:
at the end of next year, whan VAT goes back up again, the price of everything will go up, won't it?
See, I was half right.
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Reply to: VAT reduced to 15%
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Previously on "VAT reduced to 15%"
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Originally posted by expat View PostAbsolutely, because the price of everything will go down because of this VAT cut.
Won't it?
bonk
The naiveté of the young, isn't it wonderful.
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Originally posted by PAH View PostSeeing as you have to specify your 'industry' to qualify for the FRS, am I the only one who sees it as yet another way HMRC can track the 'tax dodging' service companies, especially now the IR and C&E have merged?
My Ltd has always been classed as retail (and a few other categories), but nothing specifically to do with IT. So far no problems, they're too busy chasing the numpties that put 'IT', 'Services', or 'Consultancy' in their company name.
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Seeing as you have to specify your 'industry' to qualify for the FRS, am I the only one who sees it as yet another way HMRC can track the 'tax dodging' service companies, especially now the IR and C&E have merged?
My Ltd has always been classed as retail (and a few other categories), but nothing specifically to do with IT. So far no problems, they're too busy chasing the numpties that put 'IT', 'Services', or 'Consultancy' in their company name.
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Originally posted by Alf W View Posthttp://www.hmrc.gov.uk/pbr2008/pbrn26.pdf
FRS rates are coming down in line with the headline VAT rate.
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Originally posted by TheFaQQer View PostLooks like they will be making the changes for FRS.
http://forums.contractoruk.com/697997-post10.html
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Originally posted by TheFaQQer View PostI do my VAT calculation four times a year
VAT is the easiest tax to calculate ever. Even simpler for those of us on monthly invoicing. I tend to reclaim quite a lot over a year, anything remotely IT related in fact, including my big LCD TV, er, monitor, so the FRS doesn't appeal to me. Each return takes me under 30 mins to work out, so no biggie.
I'm with you on the expenses though. Having to record all the milage is a pain, but knowing it's reducing my tax bill is what keeps me going.
I laughed when watching the early evening news. They had a few 'jo publics' giving their verdicts, and they all gave the thumbs down. Almost as funny as Labour deferring all the tax increases till after the next election, probably expecting the cons to walk it, and take all the flak.
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But your accountant has to work out the Flat Rate Saving at the year end so someone still has to do the calculation.
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Originally posted by Moscow Mule View PostNah. It's not going to cost any more, just profit a bit less. For me not working out inputs and outputs makes staying on it a no-brainer.
FRS is a dream for me
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Sneaky!
From the HMRC web site:
"My flat rate has not been reduced. Why not?"
The flat rate percentages are calculated by reference to the VAT actually paid in each sector and, following the change to the standard rate of VAT, most sectors will find that their flat rates are reduced. However, there are a small number of sectors that, with VAT at 17.5%, would have needed an increase in order to reflect the correct underlying rate for that sector. Following the rate change to 15%, those sectors have been left unchanged rather than increased.
I've noticed that my sector has been reduced by 2% instead of 2.5%
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Originally posted by MrsGoof View Postthey gain again
old scheme
Invoice £1000 keep £22.25 of tha vat for yourself
now
Invoice £1000 keep £17.75 of tha vat for yourself
get yer invoices out on Friday
And if you dont spend much on supplies then FRS shceme is just free money anyway, so there is nothing to moan about.
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Originally posted by TonyEnglish View PostSurely the benefits of the FRS were marginal at best and this will push more people out of the FRS and back to the old way.
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Surely the benefits of the FRS were marginal at best and this will push more people out of the FRS and back to the old way.
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Originally posted by MrsGoof View Postthey gain again
old scheme
Invoice £1000 keep £22.25 of tha vat for yourself
now
Invoice £1000 keep £17.75 of tha vat for yourself
get yer invoices out on Friday
Leave a comment:
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