If my VAT inclusive turnover is £120'000 and I buy £2'400 worth of goods to remain on FRS (so it is 2% of my VAT inclusive turnover) - I will make £2'600 profit from FRS. So I get £200 and free goods (worth £2'400). Now I can either keep goods or sell them. Any ideas what these goods can be?
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Autumn statement - end of VAT flat rate scheme?
Collapse
X
Collapse
-
-
Originally posted by Kugel View PostIf my VAT inclusive turnover is £120'000 and I buy £2'400 worth of goods to remain on FRS (so it is 2% of my VAT inclusive turnover) - I will make £2'600 profit from FRS. So I get £200 and free goods (worth £2'400). Now I can either keep goods or sell them. Any ideas what these goods can be?The Chunt of Chunts.Comment
-
Originally posted by Kugel View PostIf my VAT inclusive turnover is £120'000 and I buy £2'400 worth of goods to remain on FRS (so it is 2% of my VAT inclusive turnover) - I will make £2'600 profit from FRS. So I get £200 and free goods (worth £2'400). Now I can either keep goods or sell them. Any ideas what these goods can be?Comment
-
Originally posted by blackeye View PostHmm, you're right. For me this news is the last straw as I have next to no expenses (apart from accounting fees etc), so time to ditch the LTD. Government 1 - Me 0.Comment
-
Originally posted by blackeye View PostHmm, you're right. For me this news is the last straw as I have next to no expenses (apart from accounting fees etc), so time to ditch the LTD. Government 1 - Me 0.______________________
Don't get mad...get even...Comment
-
Originally posted by Kugel View PostIf my VAT inclusive turnover is £120'000 and I buy £2'400 worth of goods to remain on FRS (so it is 2% of my VAT inclusive turnover) - I will make £2'600 profit from FRS. So I get £200 and free goods (worth £2'400). Now I can either keep goods or sell them. Any ideas what these goods can be?Comment
-
Originally posted by youngguy View PostPension is the worry though,that's potentially a big expenseComment
-
Originally posted by blackeye View PostYou can still contribute in your pension from your gross income as a business expense.
So are we saying 100k income - 40k pension means you only pay paye on 60k?Comment
-
Originally posted by kaiser78 View PostHow come ? Food, travel, phone, stationary, ipad, tv etc etc ?
Ltds still might make sense for people that have high travel and accommodation expenses and are still within the 2 year rule.. but not for everyone else. Unless someone here can tell me something I don't know?Comment
-
Originally posted by youngguy View PostIs that confirmed ?
So are we saying 100k income - 40k pension means you only pay paye on 60k?
Other expenses have, as alluded to in previous posts.Comment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment