Clean It Up
UK Floor Cleaning Forum => Carpet Cleaning Forum => Topic started by: clive on March 21, 2007, 11:12:26 pm
-
Has anyone seen if the vat threshold has been raised in todays budget. I`ve looked all through the website but cant find any info.
Clive
-
I would'nt worry Clive the hours you work what ever the threst hold is you'll be way over it :-[
-
like you clive I have not seen any change, I think our Gordon's leaving that little surprise for his October Buget
I'm still reeling over the hike in 4x4 road tax
There's no other way the wife going to have to get a part time job in the evening to pay for our my little pleasures
-
Know what you mean Dave - my missus has a 4 x 4 to!
Clive
-
I just love the way they are going on about lowering tax from 25% to 22% , but have ommited to tell us about the abollition of the first 10% tax band ,
Geraint
-
Another thing is lowering corporation tax! Only for very large companies. I have seen a 3% increase!
Devious old git he is.
-
The new tax band is actually 20 %
The reason small company corporation tax has been changed is that one man bands were using it as a loophole so they paid less tax than a sole trader.
Now it should be an equal playing field. Acording to Money Box you could still be better off being limited due to National Insurance
-
From what i've read if your making over 35-40k your still better off as a limited but anything under
35k then stick to being a sole trader, but be carefull if your going from a limited back to a sole trader as they can whack you for capital gains if you've addad value to your company .
One things for certain , no one will save , we will all be paying more tax in one way or another. ???
-
From April 2007 the VAT threshold will be £64,000. The threshold for deregistration is increased to £62,000
Don't your accountants keep you upto date with email reports? I had this info in my inbox last night ;)
Safe and happy budgeting :)
Ken
-
Maybe every one has not paid their accountant for last years accounts :'(
Sadly every one is not on the ball like you younge Ken ;D
Like I have always said "When one door closes they all slam shut" :-\
-
what happens when you do your accounts online, do you get emails from HM taxes , Master Yoda Wainwright?
Shaun
-
No Shaun we did ours last year and the bill came quicker :o
-
If your worried about going over the VAT limit look at the flat rate scheme. Pay only 10% VAT but cant claim your purchases. Nice and simple and if your purchases are a low % of turnover then you will be much better off.
You can still charge 17.5% VAT to commercial but then I just put prices up by 10% to cover residential with no VAT on the invoice. So the 7.5% covers your purchases but as i say if they are really low then your better off. If you only do commercial you may even make more money!!
And the VAT limit is only 9% the first year your reg. for VAT.
Mark
-
Ive not found charging VAT a problem............so far ::)
Nick