Am new to contracting to forgive me for asking basic questions
I am going to be going onto the flat rate VAT scheme and understood this to mean:
when I claim an expense I will not be claming the VAT portion of the expense. However due to giving this portion up I will be paying approx 11.5% (instead of the current 15%) back to the revenue rather then 15%...
Is this a correct understanding?
Also does this mean that claiming expenses means that I am not longer getting any benefit as I will not be saving the VAT on the item?
Thanks for any help.
I am going to be going onto the flat rate VAT scheme and understood this to mean:
when I claim an expense I will not be claming the VAT portion of the expense. However due to giving this portion up I will be paying approx 11.5% (instead of the current 15%) back to the revenue rather then 15%...
Is this a correct understanding?
Also does this mean that claiming expenses means that I am not longer getting any benefit as I will not be saving the VAT on the item?
Thanks for any help.
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