Just reading up on the flat rate scheme for VAT.
I am currently registered for VAT, have been since 2009.
My turnover should be below 150k next year, all of it next year should be IT contract based.
I currently "invoice" an agency that uses self-billing.... so I never actually raise a VAT invoice.
Am I able to use the flat rate scheme still?
In my simple mind there appears to be a way to boost my profit by 5.5% by "charging" 20% VAT but only paying 14.5% VAT....
I can't believe this is right... but thought I'd ask the question....
I am currently registered for VAT, have been since 2009.
My turnover should be below 150k next year, all of it next year should be IT contract based.
I currently "invoice" an agency that uses self-billing.... so I never actually raise a VAT invoice.
Am I able to use the flat rate scheme still?
In my simple mind there appears to be a way to boost my profit by 5.5% by "charging" 20% VAT but only paying 14.5% VAT....
I can't believe this is right... but thought I'd ask the question....
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