Thanks Darling !!

ecovandal

I'm Vat registered and self employed. I'm on the flat rate scheme where I dont claim back any Vat on goods/services but pay back a fixed pecentage to HMRC (currently at 7.5%). I've calculated that I will be over £1,500 worse off due to the lowering of the Vat level, as my pay back to HMRC has remained the same. I presume I'm not the only one in this situation. Does anyone have any ideas ?. I have contacted HMRC and we had a chat about the possibilty of going into a different work category, with a different banding, but in all honesty I'm in the banding I should be in now.


Any advice would be appreciated.


Thanks



Ecovandal

moneypooh

you could always change to the usual VAT rating system?

vivatifosi

Hi ecovandal,

No you aren't the only one in this situation. Have a look over on the Small Business board as it has been quite a topic of conversation over there. You'll also be able to see the view of some accountants and others as to the effect it has on different businesses.