Lee Reynolds

Anyone know how it works. Havent registered yet but need to get it sorted asap...

Or any links to info appreciated

Dan Cossie

VAT is charged at 17.5%

Lee Reynolds

Dan Cossie

thats all i kno

dave cos4x4

iTrader: (5)

waste of time asking a few of the traders on here....

Lee Reynolds

bitch

Dan Cossie

Yeah most are bedroom ones

Redkop

HMR&C

Lee Reynolds

cheers Lynne,! Just been on and found what i needed!

stuartrst

i run my own business and know a little just charge vat on the work you do keep all your recipts for fuel materials then every quater i give to my acountant and he tells me how much i have to pay. very breif answer pm if you have any more questions.

Lee Reynolds

cheers mate im getting the jist i think

Micky The Finn

852 6191 20 is my vat number,just to clarify.

gurnE

A business does not have to be VAT registered unless its turnover exceeds a certain threshold.

About 60k at the moment I think

Mr RS500

iTrader: (6)

61k to be exact

I feel i may be collecting a VAT number next year

always been quite a way of it until this year ,,,bugger

GARETH T

NORTH YORKS RS SPARES

there is good points and bad points to being vat registered,,,

Mr RS500

iTrader: (6)

I know mate ,, im not that worried

I spoke with my accountant last month and im going on the " global " system ,, and thats not bad at all

GARETH T

Danny B

Its easy to keep track off, keep a folder for expense invoices etc(what your spending) and a folder for income (what you charge out) then each 1/4 add up the VAT totals from each folder, then the figure from your income folder is what you owe LESS the figure from your expense folder. IF it becomes a - figure they owe you.

hope thats simple enough for you.

Mr RS500

iTrader: (6)

Thanks Danny

The system im going on is even simpler than that

With Global , you dont claim any VAT back on what you spend , and only pay 6% to the vat man ,,so it wont effect your retail prices that much

Danny B

aslong as its not quickbooks from barclays you'll be ok.

Lee Reynolds

cheers danny

cos jon

Go on flat rate, nice and easy. you charge 17.5% on invoices and they you pay the tax man whatever the % is for your industry (anywhere from 10% to 14% i think) paid every 3 months. The first year you get 1% off too. !!

Lee Reynolds

SO,

If i price a job up and it is 10k. 3k is materials, 7k is labour. do i say 10k plus VAT? or is it VAT on the 3k materials only? Ie do i charge VAT on my labour?

Mr RS500

iTrader: (6)

Vat is added to the total bill ,,labour and all materials