Big Jim
Well-Known Member
- Reaction score
- 183
- Location
- Derbyshire, UK
Well I've finished going through the current financial year and this is what I have found
if I had been running flat rate scheme this year we would have been about £700 better off (£1200 if you account for the 1% discount in the first year)
I had a quick look back at previous years accounts and if I went standard rate i might have around £1800 total VAT expenses I can claim.
Given the above I think its a no-brainer, I have emailed the accountant just to get her opinion and to make sure I haven't missed something.
The more I think about it the more I prefer the idea for keeping my life simpler.
EDIT: looks as though I can claim the VAT back on stock and goods on hand regardless of which scheme I choose. happy days.
if I had been running flat rate scheme this year we would have been about £700 better off (£1200 if you account for the 1% discount in the first year)
I had a quick look back at previous years accounts and if I went standard rate i might have around £1800 total VAT expenses I can claim.
Given the above I think its a no-brainer, I have emailed the accountant just to get her opinion and to make sure I haven't missed something.
The more I think about it the more I prefer the idea for keeping my life simpler.
EDIT: looks as though I can claim the VAT back on stock and goods on hand regardless of which scheme I choose. happy days.
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