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Oct 26, 2018 · My partner and I run a small dog walking business and our turnover last year was £88k. We are being told by our book keeper that we should register for VAT even though we haven’t reached the threshold of £90k. Getting conflicting advice. We won’t be going over the threshold next tax year as we are running down the business.
Jun 8, 2010 · Whilst the reports that Newbie mentions will give top customers, the Turnover YTD report gets it's data from the YTD field on the customer records which clears down to zero when a year end is run so won't be applicable for the last 3 years. The summary report will give you a sales figure for the customer but: a) it relies on transactions being ...
Feb 27, 2019 · Feb 27, 2019. #26. Newchodge said: While VAT on £40 is £8, the total cost to a business of registering for VAT is not as much as that, so the business owner can choose whether to increase their profit by the amount of VAT they always paid but can now reclaim, or to share that reduction in their cost with clients.
Aug 2, 2016 · Stirling. Apr 7, 2020. #2. While only hitting 6 figures at our peak as an ecommerce business, staffing costs were around 3% and dropping. That was directors wages. Our plan at the time (and still is now with new company) is to grow via fulfilment services.
Nov 23, 2017 · The multiplier used depends on both the industry sector and the size of the business being valued: the larger the business turnover, the higher the multiple. For example, and as a very rough guide, the multipliers for a typical professional services business range from 1.0 to 1.9 for one with an annual turnover of less than £400,000, to 6.0 to 8.0 for one with an annual turnover of £5 million to £10 million.
Jan 26, 2011 · I'm now filling in my tax return and filling in that date as the end date for self employment. My issue is that sales for the period of April-June is £25000 so the hmrc site assumes my turnover for the year is over £85000. So I get the following message. The amount entered for 'Turnover - takings, fees, sales or money earned by your business ...
Aug 15, 2023 · Lots of UKBF members suggest the Flat Rate Scheme as an option for business owners who are hitting the VAT threshold. The Flat Rate Scheme allows business owners to pay a fixed rate to HMRC, and keep the difference between that amount and what they charge customers. Turnover must be £150,000 or less (excluding VAT) and there are different ...
Oct 22, 2024 · Regarding the VAT Flat Rate Scheme; on the Gov webpage, it says that; ''You can join the Flat Rate Scheme if you expect your VAT taxable turnover to be £150,000 or less''. It also states that ''you must leave the scheme if your turnover in the last 12 months was more than £230,000 on the anniversary of joining''.
Aug 7, 2016 · Feb 18, 2022. Original Poster. #8. UK Contractor Accountant said: Look at the VAT Flat Rate Scheme - you only pay vat at a fixed rate of your takings. Current rate 8.5% you also get 1% reduction in first year of vat registration. Note rate currently set to go up o. 1Aoril 22.
Aug 24, 2024 · 5,742. Hampshire. www.fitoutfinance.co.uk. Aug 24, 2024. #4. As a starting point, I'd look at Start Up Loans - up to £25k per person (from memory) £80k per business. Beyond that, you'd probably need to look at a secured facility - either remortgaging property or offering a charge as security for a business loan.
