Originally posted by Maslins
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Should you register for VAT is your turnover is less than £85K?
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Originally posted by northernladuk View PostIt is? With FA it's so simple I haven't even had to put enough through in to it to notice it's a PITA... erm.. if that makes sense.---
Former member of IPSE.
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Many a mickle makes a muckle.
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Originally posted by vwdan View PostThere's only a couple of reasons to avoid VAT:
- Avoid extra hassle and paperwork (This is frankly minimal if you have a proper accountancy service)
- If most of your trade is to other non-VAT registered customers
- I suppose if you really have, literally, no VAT-reclaimable expenses
Most contractors have accountants who will deal with VAT with minimum fuss, deal predominantly B2B and will incur at least some expenses.
I've never bothered with Flat Rate, so I won't comment on that specifically but getting VAT registered is a no brainer IMHO.
would registering for VAT when the turnover is less than the thresh hold, then have MTD implications?Comment
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Originally posted by siphr View PostApologies, yes you are right, I forgot that for FRS you apply the VAT percent on total income. Also I used 14.5% for FRS as indicated by the OP.Comment
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Originally posted by JohntheBike View Post"getting VAT registered is a no brainer IMHO"
would registering for VAT when the turnover is less than the thresh hold, then have MTD implications?'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by TheCyclingProgrammer View PostHave you checked you aren't caught by the Limited Cost trader rules? Most IT contractors will be, which means you percentage will be 16.5% (15.5% in the first year).Comment
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Originally posted by siphr View PostDid you mean the OP? I am not on FRS. I think the OP is considering FRS if at all.Comment
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