I shall soon be entering the world of self-employment and would like to know, do you add VAT to your rates? I presume it would be in the clients interest to have VAT added as they are able to claim it back. Any help would be much appreciated.
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VAT on contract rate?
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Vat
If that's the case then yes, add it to your invoice.
Have a look at the flat rate scheme as well, it may be to your benefit.Comment
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Some points worth noting: -
1) If you feel you will exceed the VAT threshold register sooner rather than later so that you dont miss out on getting the VAT refunded on purchases.
2) Avoid registering half way through a contract to avoid complications with the client i.e. increase in their invoices.
3) Remember VAT is payable on your invoices the moment you register from but your client wont pay it until they receive an invoice from you with your registration number (hence 2 above). It can take a while to get your number.
4) Most rates quoted are excluding VAT but be sure to confirm this with your agency and also advise that you will be charging VAT.
Thats all for now....! :-)Comment
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