New rule for small biz

[russell]

So lets say the new rule is in place that companies with turnover less than 77k will be taxed on turnover.

If I turnover 75k I will be taxed 20% i.e. 15k even if I had expenses of 30k whereas if I turnover 78k with 30k expenses I will only pay 9.6k??

[eek]

So lets say the new rule is in place that companies with turnover less than 77k will be taxed on turnover.

If I turnover 75k I will be taxed 20% i.e. 15k even if I had expenses of 30k whereas if I turnover 78k with 30k expenses I will only pay 9.6k??

Only unincorporated businesses supposedly.

[Zoiderman]

Only unincorporated businesses supposedly.

I also think they will not be registered for VAT

[Jog On]

Only unincorporated businesses supposedly.

I've seen this posted as well - would like to know the source.

Mrs Jog has just registered her LTD for new pilates business

I also think they will not be registered for VAT

I'm taken over £77k by flat rate VAT! - I like my complicated accounting system thank you very much George..

I think we need to wait for the dust to settle and the accountants to get into the guts of it all, phrases like "subject to consultation" and words like "simplified" are too general and wooly IMO.

[northernladuk]

I think we need to wait for the dust to settle and the accountants to get into the guts of it all, phrases like "subject to consultation" and words like "simplified" are too general and wooly IMO.

Indeed so people don't post the same question in two parts of the forum.. oh.. hang on...

[d000hg]

So lets say the new rule is in place that companies with turnover less than 77k will be taxed on turnover.

If I turnover 75k I will be taxed 20% i.e. 15k even if I had expenses of 30k whereas if I turnover 78k with 30k expenses I will only pay 9.6k??

Where does it say you'll be taxed the same CT rate?

[russell]

Indeed so people don't post the same question in two parts of the forum.. oh.. hang on...

I wanted a serious thread and a thread where it descended into pictures of tits.

[russell]

Where does it say you'll be taxed the same CT rate?

It doesn't I just made that assumption given he never said it would be different.

[northernladuk]

I wanted a serious thread and a thread where it descended into pictures of tits.

A perfect plan excuted perfectly then!

I can see tits in this thread already but guess that isn't what you mean. Where is K2P2 when she is needed.

[bless 'em all]

So lets say the new rule is in place that companies with turnover less than 77k will be taxed on turnover.

If I turnover 75k I will be taxed 20% i.e. 15k even if I had expenses of 30k whereas if I turnover 78k with 30k expenses I will only pay 9.6k??

Having read through the budget document it 'appears' to indicate it will be an 'option', rather like the VAT FRS.

But then again the whole thing will go out to consultancy, wherein the masses will demand anyone who earns more than them is punished by the tax regime.

We're screwed.