[clive]

Has anyone seen if the vat threshold has been raised in todays budget. I`ve looked all through the website but cant find any info.

Clive

[Buster Ingram]

I would'nt worry Clive the hours you work what ever the threst hold is you'll be way over it

[Buster Ingram]

like you clive I have not seen any change, I think our Gordon's leaving that little surprise for his October Buget
I'm still reeling over the hike in 4x4 road tax

There's no other way the wife going to have to get a part time job in the evening to pay for our my  little pleasures

[clive]

Know what you mean Dave - my missus has a 4 x 4 to!
 Clive

[Geraint Jones]

I just love the way they are going on about lowering tax from 25%  to 22%    , but have ommited to tell us about the abollition of the  first 10% tax band  ,   

Geraint

[Ben Staerck]

Another thing is lowering corporation tax! Only for very large companies. I have seen a 3% increase!

Devious old git he is.

[Ian Gourlay]

The new tax band is actually 20 %


The reason small company corporation tax has been changed is that  one man bands were using it as a loophole so they paid less tax than a sole trader.

Now it should be an equal playing field. Acording to Money Box you could still be better off being limited due to National Insurance

[Geraint Jones]

From what i've read   if your making over  35-40k  your still better off as a limited  but anything under 
35k then stick to being a sole trader,  but be carefull if your going from a limited back to a sole trader as they can whack you for capital gains if you've addad value to your company .


One things for certain , no one will save , we will all be paying more tax in one way or another.

[Ken Wainwright]

From April 2007 the  VAT threshold will be £64,000. The threshold for deregistration is increased to £62,000

Don't your accountants keep you upto date with email reports? I had this info in my inbox last night

Safe and happy budgeting
Ken

[Buster Ingram]

Maybe every one has not paid their accountant for last years accounts
Sadly every one is not on the ball like you younge Ken

Like I have always said "When one door closes they all slam shut"

[Shaun_Ashmore]

what happens when you do your accounts online, do you get emails from HM taxes , Master Yoda Wainwright?

Shaun

[Buster Ingram]

No Shaun we did ours last year and the bill came quicker

[mark_roberts]

If your worried about going over the VAT limit look at the flat rate scheme.  Pay only 10% VAT but cant claim your purchases.  Nice and simple and if your purchases are a low % of turnover then you will be much better off. 

You can still charge 17.5% VAT to commercial but then I just put prices up by 10% to cover residential with no VAT on the invoice.  So the 7.5% covers your purchases but as i say if they are really low then your better off.  If you only do commercial you may even make more money!!

And the VAT limit is only 9% the first year your reg. for VAT.

Mark

[HolmansUKLTD]

Ive not found charging VAT a problem............so far :

Nick