Conor:
robbo99.:
Oh, so Conor maintains that Ltd Co’s set up on the flat rate VAT scheme are not running a proper VAT account. Guess what, every single application for the flat rate scheme was authorised by HMRC! If there’s money to be had and it’s authorised by our glorious tax authority, then what is wrong with that? Green eyed monster seems to be surfacing.They’re not. They’re not keeping a record of every VAT receipt and running a seperate VAT account in their accounting. The flat VAT scheme means they don’t have to.
No green eyed monster from me. I’m currently sat at home on pay because I get 33 days a year paid holidays and when I retire I’ll have more of a pension too, both things Ltd drivers lose for that extra quid an hour. Also I’m not going to be looking over my shoulder wondering if I’ll get a demand for tax and NI through the post from HMRC.
But your point was the VAT. Good for you with your situation but we are talking about the FRS VAT scheme, not holiday pay, pensions and tax bills.
FRS VAT is a totally legitimate scheme ideal for labour only services. So it is a proper VAT scheme. Even better when in the past bags full of money gained for doing next to nothing for it.