Do you Flat Rate tax or not?

[Zoiderman]

Yeah I know that pick ups count as commercial but not a big fan of them, one of the reason's to get a new car is save money on fuel costs so a big 4WD that does 30mpg is no better then the V6 MG i got at the moment

Transporter does 40mpg, the Toyota I had you could squeeze 35mpg out of, if you sucked the joy from your life. If you are not flat rate, you get 20% off fuel as well, and any output VAT for anything you purchase. So the 40mpg goes quickly to 48, relatively. Not so bad.

Don't forget, if you aren't VAT registered, if you buy stuff from Europe, and tell them you are VAT registered, they'll send stuff VAT free...

[SimonMac]

Yeah I know that pick ups count as commercial but not a big fan of them, one of the reason's to get a new car is save money on fuel costs so a big 4WD that does 30mpg is no better then the V6 MG i got at the moment

[eek]

MF,

I love your new avatar! imitation is the sincerest form of flattery

[Zoiderman]

I looked at that. It has to be a commercial vehicle. A lot of people buy these things



As alledgedly they meet the criteria.

They do meet the criteria. The other benefit is that 100% is writable against corp tax. So if it costs £20 + Vat, you get the 4k back for the vat, then another £4k off Corp tax, so it ends up, technically, only costing £16k, with a bik amount of £3k, plus an additional £600 if you get the company to pay all petrol etc. I think we paid £6-700 a year to have it. Worth every penny.

Just bought a 4Motion 180ps DSG Transporter Kombi to turn into a camper. £37k to £24k in seconds.

[Zoiderman]

Would the "above £2k" work on a company car as well, or does it have to be a commercial vehicle?

Has to be a 'vatable' company car and not all are.

[MarillionFan]

Would the "above £2k" work on a company car as well, or does it have to be a commercial vehicle?

I looked at that. It has to be a commercial vehicle. A lot of people buy these things



As alledgedly they meet the criteria.

[SimonMac]

We started this year. Depends on your rate really. We're getting a benefit of about 9k this year, and that's on the back of what wouldn't have been much of a VAT claim anyway.

Next tax year, we're buying a new Commercial vehicle and some new puters for the 'office' including an iMac and some new iPads for the girls. As long as the spend is over £2k, you get the VAT back anyway, so it's really a no brainer.

Would the "above £2k" work on a company car as well, or does it have to be a commercial vehicle?

[eek]

Proper poll question for once.

My accountant suggested to me last year that I should swap to Flat Rate VAT. I know there are benefits. Just wondered who does / who doesn't and then NLUK can come in and give us a summary cause I can't be arsed to go into the professional boards to find the calc.

For the consultancy stuff I will be flat rate as all clients will be VATable and it looks highly profitable (I think its something like a £1000 profit from doing so).

For the plan C my wife is playing with we will be using standard VAT accounting as it looks like we'll lose money any other way.

[Zoiderman]

Proper poll question for once.

My accountant suggested to me last year that I should swap to Flat Rate VAT. I know there are benefits. Just wondered who does / who doesn't and then NLUK can come in and give us a summary cause I can't be arsed to go into the professional boards to find the calc.

We started this year. Depends on your rate really. We're getting a benefit of about 9k this year, and that's on the back of what wouldn't have been much of a VAT claim anyway.

Next tax year, we're buying a new Commercial vehicle and some new puters for the 'office' including an iMac and some new iPads for the girls. As long as the spend is over £2k, you get the VAT back anyway, so it's really a no brainer.

[SimonMac]

I'm flat rate, but I don't really expense stuff life food while away or petrol so there was little benefit for me to go "proper VAT" and try and off set purchases etc against receipts.

[MarillionFan]

Proper poll question for once.

My accountant suggested to me last year that I should swap to Flat Rate VAT. I know there are benefits. Just wondered who does / who doesn't and then NLUK can come in and give us a summary cause I can't be arsed to go into the professional boards to find the calc.