Just after a bit of advice on the dreaded VAT. I have a small company and I try to keep the turnover below the £67000 threshold. Does this figure run from April to March or does it run (as I have now been told!) on a rolling 12 month period? Any help greatly appreciated. Thanks in advance.
According to Mrs Stoner(my own pocket accountant) its on a rolling 12 month basis. If you think you may be approaching the 67k mark you really need to register as they can be brutal about it and sh*t on you from a great height with a fine.
correct - see hmrc.gov.uk. If you supply goods then your customers could purchase these and you could provide labour only. Alternatively if your customers are not vat registered but would pay the vat then get a decent record system set up and stick with it then it's not the pronblem some would have you believe!
flat rate scheme?
I do my own VAT returns, it's not something to dread unless you're running a sweetshop or something else with lots of small sales.
It's very easy, and I'm not particularly great with accounts.
Do you use the flat rate scheme Brant? I was recommended to use it by a contractor friend who said I'd probably turn a profit (I have low outgoings).
I don't use flatrate for Shedfire (my own company), but my accountant reckons that yes, you can turn a profit on it if you sign up as "other business" - especially if you work from a shed 🙂
any accountants willing to offer free advice nine days from this particular deadline?
Brant
Is your accountant local? I also work from a shed in Tod. but my accountant doesn't seem to be the cheapest about.