Originally posted by PayMatters
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Reply to: Supermarkets don't do VAT receipts
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Previously on "Supermarkets don't do VAT receipts"
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Originally posted by lexington_spurs View PostDinner at the Dog Inn in Over Peover is a jolly experience.
Additionally, the receipts labelled "Dog Inn" will give your accountant a wry smile as he processes your books.
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Originally posted by Friendly Accountant View PostI think the limit before you have to leave the scheme is £225k, so go ahead Gonzo, work your nuts off!!
Annual turnover of £225k is £937.50 per day. I can count on the fingers of one hand the people I know on that sort of money. They do exist (although none of them work 240 days every year).
What I wanted to get across though was that a rate that was too high to be on the flat rate VAT scheme was not beyond the bounds of possibility.
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Originally posted by Gonzo View PostAt the moment, probably not.
But if you work your nuts off and do 48 weeks per year, your rate only needs to be £625 per day to exceed that threshold.
There are plenty in the City of London that get more than that. Especially Project Managers.
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Originally posted by Gonzo View PostAt the moment, probably not.
But if you work your nuts off and do 48 weeks per year, your rate only needs to be £625 per day to exceed that threshold.
There are plenty in the City of London that get more than that. Especially Project Managers.
If one is really so concerned about claiming small change then buy a taxi receipt book and claim the odd fare. So much simpler me thinks.
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Originally posted by DimPrawn View PostYeah, the likelyhood is in the current climate a contractor is going to turn over more than £150,000.
But if you work your nuts off and do 48 weeks per year, your rate only needs to be £625 per day to exceed that threshold.
There are plenty in the City of London that get more than that. Especially Project Managers.
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You were lucky you were only kept waiting for 20 minutes!
There is a strict time limit on issuing VAT invoices. You must normally issue a VAT invoice (to a VAT-registered customer) within 30 days of the date you supply the goods or services
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Originally posted by suityou01 View PostIf I read and understood that, all the people who can't a*sed to get VAT receipts as they are on FRS may one day need them should they go over the threshold.
A shot in the arm for my accountant / I completely misread what you put and am a moron. (Delete as appopriate)
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Originally posted by Friendly Accountant View PostUnder the flat rate scheme you are required to keep a record of purchases and sales, but you don't have to analyse the gross, VAT and net separately. I would therefore say that you don't need a VAT receipt as long as you keep whatever receipt they provide that shows the gross expenditure.
If your accountant asks, refer him to HMRC Reference: Notice 733 (March 2007) Flat Rate Scheme for Small Businesses, para 7.8.
The only caveat I would throw in there is to remember that if you are at risk of getting to a turnover level where you are no longer eligible for the flat rate scheme, you may want to have the proper VAT receipts. That being said, for the amounts involved, is it really worth the hassle?
A shot in the arm for my accountant / I completely misread what you put and am a moron. (Delete as appopriate)
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I wouldn't worry about a VAT receipt unless...
Under the flat rate scheme you are required to keep a record of purchases and sales, but you don't have to analyse the gross, VAT and net separately. I would therefore say that you don't need a VAT receipt as long as you keep whatever receipt they provide that shows the gross expenditure.
If your accountant asks, refer him to HMRC Reference: Notice 733 (March 2007) Flat Rate Scheme for Small Businesses, para 7.8.
The only caveat I would throw in there is to remember that if you are at risk of getting to a turnover level where you are no longer eligible for the flat rate scheme, you may want to have the proper VAT receipts. That being said, for the amounts involved, is it really worth the hassle?
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Never tried in super markets but in the end gave up asking for a VAT receipt in restaurants. If I had had to listen one more time to somebody telling me it was a VAT receipt because it has a VAT number on it I would have bashed them. Use flat rate or don't bother with VAT registration.
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errrr send the butler next time and make sure you suitably punish him for not offering previously..
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