I am an IT contractor on 14.5% VAT FRS. I do not fall under limited cost business. So to avoid paying 2% extra tax to HMRC, what are my options except spending that 2% on stationary every quarter?
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New VAT FRS 16.5% - how to save 2%
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Originally posted by gaumzi View PostI am an IT contractor on 14.5% VAT FRS. I do not fall under limited cost business. So to avoid paying 2% extra tax to HMRC, what are my options except spending that 2% on stationary every quarter?The greatest trick the devil ever pulled was convincing the world that he didn't exist -
Originally posted by gaumzi View PostSo to avoid paying 2% extra tax to HMRC, what are my options except spending that 2% on stationary every quarter?
2) Deregister from VAT completely
3) Close down your company and create a new one - you get 1% discount in your first yearComment
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Originally posted by TheFaQQer View Post1) Leave FRS
2) Deregister from VAT completely
3) Close down your company and create a new one - you get 1% discount in your first yearThe greatest trick the devil ever pulled was convincing the world that he didn't existComment
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Originally posted by gaumzi View PostI am an IT contractor on 14.5% VAT FRS. I do not fall under limited cost business. So to avoid paying 2% extra tax to HMRC, what are my options except spending that 2% on stationary every quarter?"Being nice costs nothing and sometimes gets you extra bacon" - Pondlife.Comment
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Originally posted by DaveB View PostFRS never intended to be an income stream for your co. It was an allowance from HMRC for simplifying your VAT return and essentially making their lives easier.Comment
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If you're happy to commit fraud you can use whatever FRS percentage you like.Will work inside IR35. Or for food.Comment
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Originally posted by gaumzi View PostI am an IT contractor on 14.5% VAT FRS. I do not WANT TO fall under limited cost business.Comment
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Originally posted by LondonManc View PostGet a grip. It was never your money to begin with; you are simply collecting it on behalf of HMRC."You’re just a bad memory who doesn’t know when to go away" JRComment
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