ha, some will disagreeDoes it open more doors being vat registered? @owls will know that man knows his stuff?
ha, some will disagreeDoes it open more doors being vat registered? @owls will know that man knows his stuff?
Ah rite so ull get like joiners etc and bathroom fitters in and sort of take the full works on instead of just the plastering? There's bad story's but site is king its where the dosh is but at same time it can go tits up..Job we are doing is 1st major Job we've done by oursens done like 10 plot houses etc but dnt consider that big compared to wat we are on now..just hard trying to get in door with arcitects etc to tender big jobs thought u wanted to go down that route aswell
I meant on smaller jobs 1 or 2 day jobs keith ..once someone goes down the vat route it's different if I am correct (I might not be)..vat registered charge more than sole trader so maybe j will not be doing so many "smaller jobs " and will take or have to take on more bigger jobs to make it worth while..if he is going over the vat freshold he will be better earning loads more than the freshold than just over it otherwise tax wise he would be better off not vat registered..We don't loose business by being Vat on domestic work , most expect to pay it
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we do one or two day jobs ,Vat is Vat ,most could not give a s**t ,your vat because you turn over more work and your income has taken you over the threshold ,i dont see that as a crime ,most customers when it comes to there homes just want to see your past workI meant on smaller jobs 1 or 2 day jobs keith ..once someone goes down the vat route it's different if I am correct (I might not be)..vat registered charge more than sole trader so maybe j will not be doing so many "smaller jobs " and will take or have to take on more bigger jobs to make it worth while..if he is going over the vat freshold he will be better earning loads more than the freshold than just over it otherwise tax wise he would be better off not vat registered..
Obviously having a crew like he has it's was always going to be the case he would have to go vat at some point.
Does it open more doors being vat registered? @owls will know that man knows his stuff?
Weird how it works..2 of us are company directors at our firm and employed by our firm as plasterers,accountant said we are classed as in full time employement now even tho we are self employed in effect..are u a sole trader? U pay alot less tax if ur ltdInteresting topic .....does any of you fellas have parnters or your own company directors ??
I disagree herewe deregistered from vat, no one wants to pay 20% extra so you can say goodbye to you private customers and insurance work and look forward to working on site and waiting 90 days for your payments.
we placed an add in the local papers, no vat added here, the builders federation went ballistic with a full page advert stating why the customer was better off paying vat, what a joke.
we sold some land off for building and because the money was over a certain % of our turnover that year we got charged vat on the sale because we were registered. never again!
We pay around 24% as s companyWeird how it works..2 of us are company directors at our firm and employed by our firm as plasterers,accountant said we are classed as in full time employement now even tho we are self employed in effect..are u a sole trader? U pay alot less tax if ur ltd
Weird how it works..2 of us are company directors at our firm and employed by our firm as plasterers,accountant said we are classed as in full time employement now even tho we are self employed in effect..are u a sole trader? U pay alot less tax if ur ltd
Doesn't matter as you can claim back 12 or so before the reg@Jgreenplastering just remember to put the vat charged aside it's not your money. If you struggle with cash flow take cash back from the vat charged against what vat you have spent.
Vat benefits me as we mainly work for builders and developers on supply basis.
Maybe that ritmo should of been purchased after registration mate.
We pay around 24% as s company
Sole trader pays 20%
Dont you just give yourself a wage @20%
And give yourself a bonus ??
It's hard Tbh
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its your age matehi Keith you,ll have to diversify---- pole dancing pays well, oops wrong forum ------ so ive been informed
We pay oursens bang on salary where we dnt pay a penny tax so £10,600 for the year plus dividends but all tax on divis are changing this year to stop tax loopholesDont you just give yourself a wage @20%
And give yourself a bonus ??
If your a sole trader turning over 30k your ill advised. You should def be Ltd.
That's what I was advised anyway. Been a Ltd for 4 years now and that alone has given me a lot of savings against tax.
I'm no expert either but being a sole trader and a ltd company and channeling funds through both for the same work against the rules?
I've spoke to a few accountants who said its fine and know at least five other businesses that do it. That's the thing though, s**t hits fan and it's you that gets it even though someone who is supposed to know what there doing is advising you. Accountants should cop some flack for bad advising, would stop a lot of things.
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You can claim upto 3 years of vat back on things you have bought and still own, the only thing that must not of changed is your company name, so if over 3 years you had 2 vans then a ritmo and a eze then all the vat will come back to you@Jgreenplastering just remember to put the vat charged aside it's not your money. If you struggle with cash flow take cash back from the vat charged against what vat you have spent.
Vat benefits me as we mainly work for builders and developers on supply basis.
Maybe that ritmo should of been purchased after registration mate.
it will not open any doors but it will close a few!
a local owner of a private estate that rents out over 100 homes tells me that as i am not vat registered it is an advantage for him to employ me.
Are you pissing on my fire,lolNot wanting to piss on the anti vat fire but on a £400 job (a 1-2 dayer) its an extra £80. There would be firms that aren't vat registered and are busy sticking prices in that vary by £50-100 anyway so ur not going to be massively out if not bang on. If your pricing a £10k job your at £2k above average joe but people spending £10k on a plasterer probably aren't worried about the "extra" £2k for an established recommended firm.
Since we went Ltd and VAT registered last year we've won at least as many private jobs as the years previous. If your a decent salesman then it won't effect you much if at all in my opinion
More you earn the , more tax we payAll our builders are vat registered so there buy all materials bar the odd little Job..all our money we get is profit money as its labour only so wud be no point us going vat like Dan says a gud accountant knows wat he's doing..bit gutting like wen we buy a £8000 van + vat and cant claim the vat back or all tools we buy as we spend alot of cash on tools but it all cums off the yearly earnings in the end etc..im not for or against vat aslong as I'm making gud money in not arsed
I know but u dnt get the vat back..thats y a gud accountant pays itself 10x overMore you earn the , more tax we pay
In terms of the vat back on van stuff you still have to buy the van though bud.
Nothing is free in this world
More you earn the , more tax we pay
In terms of the vat back on van stuff you still have to buy the van though bud.
Nothing is free in this world
i think you can back date it for your machine as well mate ,worth looking intoVince what he's saying is if you buy a 10k van and your vat registered you can get 2k back of the price from being vat registered so in those respects it's good.
I've got a transit custom.
Almost 25k once paid but now I'm vat registered 5k I can claim back so in theory I'm paying less than what someone who isn't vat registered.
So there's pros and cons to it all.
Just because I now have to charge vat doesn't mean I'll be more expensive than others. Some yea but people who price high I may be the same still.
All I have to do is say to clients who ask yea I am vat registered but I'm still competitive and then they can judge for themselves if I'm to high or not.
I know j ..you'll do really well , out of all the people on here I sure you will make this a success tbf you already have just aim really high past that threshold so it's worth it.Vince what he's saying is if you buy a 10k van and your vat registered you can get 2k back of the price from being vat registered so in those respects it's good.
I've got a transit custom.
Almost 25k once paid but now I'm vat registered 5k I can claim back so in theory I'm paying less than what someone who isn't vat registered.
So there's pros and cons to it all.
Just because I now have to charge vat doesn't mean I'll be more expensive than others. Some yea but people who price high I may be the same still.
All I have to do is say to clients who ask yea I am vat registered but I'm still competitive and then they can judge for themselves if I'm to high or not.
Accountants will always advise what will make them more money out of clients,I know but u dnt get the vat back..thats y a gud accountant pays itself 10x over
I pay myself minimum and take a bonus but most of the time i pile everything back into projects... this year has been an expensive year so profits will be a lot lower... A good accountant pays for themselves
i think you can back date it for your machine as well mate ,worth looking into