Change in the VAT Flat Rate scheme

RE: Change in the VAT Flat Rate scheme

Iain Richards — Wed, 22 Mar 2017 08:15:24 GMT

I went VAT registered from the start of my locum/consultancy as I felt I'd have more outgoings than incomings. Not sure if it's worked! Only issue is forgetting to do the return. So glad I had an ace office manager when running the practice

RE: Change in the VAT Flat Rate scheme

Robin Grimmer — Tue, 21 Mar 2017 22:31:26 GMT

All seems like a lot of aggro. The beauty of the flat rate scheme was its simplicity. Just an easy quarterly VAT return, you didn't need to keep track of all your VAT costs. I deregistered back in November when I went back to being self employed, otherwise I would have been liable for VAT on my rental property.

RE: Change in the VAT Flat Rate scheme

Kelly Cremers — Tue, 21 Mar 2017 21:36:43 GMT

I will be deregistering from Flat Rate Scheme, as advised by my accountant. And will be using normal Vat accounting. CPD, professional fees, accountant fee, fuel (amount that can be reclaimed depends on engines size I think), equipment, accommodation costs when going to cpd, phone bill, ... anything that you pay vat on can be reclaimed.

If I find it too much hassle and paperwork, I might deregister from VAT accounting all together. But don't see that it's go to be much more work, I keep receipts from everything anyway, including fuel.

Has anybody else noticed that the invoice for BSAVA has a 0% vat on it? Will question this at congress with them, because if that's true, it can't be reclaimed. Not that it is a lot anyway. And will check my VDS invoice as well to make sure it states that I pay vat on it, so far not really paid attention to it.

RE: Change in the VAT Flat Rate scheme

Neil Wheadon — Tue, 21 Mar 2017 09:51:21 GMT

I've just spoken to Moore Scarrott, as usual very helpful

They will inform the revenue and I will go onto the quarterly reporting scheme (normal scheme)

I can claim fuel VAT, just need to keep all the receipts, professional fees, CPD and I'll keep a record of everything else and see if it applies.

If it's too onerous as under £83000 turnover, I can simply deregister at any time

Neil

RE: Change in the VAT Flat Rate scheme

Clive Ansell — Tue, 21 Mar 2017 09:26:08 GMT

Me.

I am transferring to the cash accounting scheme as of April 1st. It has been/is a nightmare itself, HMRC take weeks rather than days to respond to emails or letters, and so far have got it wrong by deregistering me by mistake, then reregistering me back onto the flat rate scheme - so all in limbo at the moment and unsure of current status.

I claim work car use based on a percentage of total miles, so fuel, servicing, insurance etc at the same percentage. Car use is the largest claimable expense, other things are just odds and ends, new laptop and a new satnav recently.

I'll see how it pans out, but if it is too much bother I'll just deregister.