How you getting on @Jgreenplastering
got to grips with the vat situation now? Has it hurt you much so far?
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So far so good I think mate.
I've been putting the 20% in a separate account so I should have enough to cover it plus then take off what I get back.
Time will tell my first return is in July and my accountant will sort that with me.
As for winning/losing jobs I had a few I took deposits off before the reg date so didn't have to add the vat to them but can claim it back on materials for those jobs I believe.
My contractors I work for have happily added it to my invoices.
I've lost a couple because of the vat I think but I'm still getting accepted for others and we are booked until September now.
I have quick books now which helps with the paperwork side of things.
One thing that boggles me is the vat amount of a figure.
If I charge 150 plus the vat, the vat is 30quid but then if I take vat off of 180 vat is 36.
I always put my price exclusive of vat and it states the vat on a quote but for some reason this equation always springs in my head and I doubt myself if I'm doing things correctly!