Is that £2100 of vat monies accrued by your company, or £2100 of HMRC’s money that you collected (or should’ve done & paid to them) on their behalf?
Or is there a more complicated breakdown of vat money they “stole”
Such as 50/50 for the small business flat rate scheme ie: £1050 each for your company and HMRC.
Tbh I never saw the vat monies as “mine”, but more as monies I collected on behalf of my company and HMRC.
I know think accounting are getting pelters at the moment but the principle of going skint every year and knocking the tax man,vat man and their employees or clients is nothing new. In fact it is almost a given practice in the utilities sector where the utility companies have driven the rates down so low that subbies go as long as they can then go skint knocking as I say the vat man, the tax man and employees than rise like a phoenix from the flames the next day as a new limited liability company still carrying out the work for the utility companies.
Another example of how Joe public subsidises big business and nothing is done by the government of the day.
Remember always that we still live in a nil-sum economy.
If ANYONE tries to push you into some deal that they say verbally is “better for you” (but strangely, never outline exactly why in writing…) then always suspect that the deal is in fact better for someone, anyoneother than you, but you’re expected to remain in the dark as to the exact reason why.
Getting explanations in writing and proper guarantees in writing - means more today than it ever has. Insist upon it before agreeing to any changesa to T&Cs, contracts, etc. that might otherwise be thrust your way.
OVLOV JAY:
When you think of what a good accountant will charge just to sign you off, when you do your own books, what do you seriously think you’re getting for £15 a week?
A good accountant will charge you about £300-£500 when you do your own books if you present them and receipts/invoices tidily instead of just handing him a couple of carrier bags over.
Pay peanuts get monkeys
The problem is you’re not paying peanuts. £15 a week is seriously overcharging.
Sorry pierre it was the 10% of the VAT that they did not have to hand over to HMRC as I was on the flat rate scheme where you don’t claim your vat back on the purchases, charge 20% but only pay 10% to HMRC.
So in a nutshell they must owe a shed load of money to hmrc and not be paying hence the notice to be struck off
So I guess there is little point in legal action
and the note at the bottom any assets go to the crown !!!
OVLOV JAY:
When you think of what a good accountant will charge just to sign you off, when you do your own books, what do you seriously think you’re getting for £15 a week?
A good accountant will charge you about £300-£500 when you do your own books if you present them and receipts/invoices tidily instead of just handing him a couple of carrier bags over.
Pay peanuts get monkeys
The problem is you’re not paying peanuts. £15 a week is seriously overcharging.
I was looking from the point of view paying for a complete service. Most s/e drivers pay that fee every week so they can carry on living life like a paye driver. Remember, 99% won’t even be writing out an invoice. They want the same level of input as the md of a blue chip, and they pay a finance director a tidy sum. There’s no such thing as a free lunch, and it looks like think have made off with hmrc’s money, knowing the directors of these companies are ultimately liable
sbhep:
So I guess there is little point in legal action
and the note at the bottom any assets go to the crown !!!
I guess there’s no point in flogging a dead horse … It has ceased to be…
OVLOV JAY:
Most s/e drivers pay that fee every week so they can carry on living life like a paye driver.
That’s where the S/E drivers went wrong IMO, most went into it blindly without enough knowledge to operate & monitor the financial side of their business, after being pushed into it by agencies with ideas of making extra money, or they where too lazy to even try to do it all. Effectively being PAYE with the perks & without the effort
Any further developments on the Think Accounting rip off? Anyone received their bill yet or even settled their bill with HMRC ? Anyone used Think for a long period of time and not heard from HMRC ?
So Sunbeam, out of curiosity …how much will the solicitors fees (as in yours) be when this class action reaches the end & eventually fails??
As I doubt that Jeremy Garside will work for free, and he’ll need to be paid by someone, to fund his lifestyle, and as costs will probably not be awarded in his/your favour now that think are still trading. So he’ll obviously turn to those next down the line for payment for his services … His clients (You and the others).
Then no doubt HMRC will be knocking on your door demanding settlement of tax bills
My son’s father in law who was an accountant told me not to touch these schemes years ago, and to stick to P.A.Y.E, he said the tax man would not stand avoidance schemes like that for long, and they can come after you for the last SIX YEARS taxes. I did consider self employed at the time but it was all just too much trouble.
Stanley Knife:
Have HMRC’s costs been awarded to you as well?
I’m one of those rare “fools” who steered clear of think (and the likes), doing my own accounting/bookkeeping. So it maybe some time before HMRC come to my door, especially as there’s at least 2000 others ahead of me in the queue …
