Flat Rate VAT Registration

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gumball
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Re: Flat Rate VAT Registration

Post by gumball »

If I register for the flat rate and buy no machines this year then the way I understand it is I will be paying 4% of my earnings to the vat man , but if I didn't register then I can claim back all vat that I pay and pay 20% of earnings .What's best ?? Also does the vat be paid before any earnings are taken into account for personal tax ? Lastly now that I have registered for vat and claimed back for new van and 5 machines when can I deregister ?
Thanks for any info
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Coin Operated Group
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Re: Flat Rate VAT Registration

Post by Coin Operated Group »

are you ltd or sole trader?
Regards Matt

www.easyvend.com
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Coin Operated Group
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Re: Flat Rate VAT Registration

Post by Coin Operated Group »

also if you deregister for vat you have to pay back vat dependent on any assets or stock? you have when you do so. All a bit hazy , that's why I have an ex vat inspector doing my books
Regards Matt

www.easyvend.com
gumball
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Posts: 8
Joined: September 22nd, 2011, 3:49 pm
Area Covered: n.i.
Machines Used: tower vending
Referred by?: google

Re: Flat Rate VAT Registration

Post by gumball »

sole trader,ex vat inspector doing mine too think he would know more about the flat rate
Vendition Ltd
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Location: Sussex

Re: Flat Rate VAT Registration

Post by Vendition Ltd »

Now that I am VAT registered under the flat rate scheme, if I sell 20 machines to someone will I pay the flat rate vat rate on the sale of the machines (4%) and will I have to include VAT on the invoice I provide him and will this be 20%?

Just slightly confused
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Coin Operated Group
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Area Covered: Birmingham, West Midlands
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Location: Birmingham
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Re: Flat Rate VAT Registration

Post by Coin Operated Group »

You pay 20% vat on purchase and charge 20% vat when selling them , you can claim the vat back only if it's an asset or smashers totalling £2000 or more .


You pay hmrc 4% of your total sales . Don't forget 1st year discount so you only pay 3% .
Regards Matt

www.easyvend.com
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