You are here: Home > Moneymagpie MessageBoards

Moneymagpie MessageBoards

Confused about cash? Ask here - and discuss any other money matters.

Moneymagpie messageboards

Money matters

Tax questions

Page 1 of 1

First

Last


		11 Mar 2008, 10:41:47 AM	#1

Admin
Money-making magpie

Post Count: 50

Tax questions

Got a question about tax? Post it here - or check out HMRC and don't forget to ask the tax office for official advice on your specific situation.

Official Moneymagpie admin. Nothing in this post should be taken as financial advice: remember to do your own research based on your specific circumstances. Keep up to date with the best of the site: sign up for our free newsletter at www.moneymagpie.com/showPage/newsletter-subscription


		15 Aug 2008, 11:58:57 AM	#2

Kate
New to the nest

Joined: 31 Jan 08
Post Count: 1

Flat rate scheme

Can anybody tell me which is better - registering for VAT and paying the full whack of 17.5% or the flat rate scheme. Which is best for retail?

Quote:

Got a question about tax? Post it here - or check out HMRC and don't forget to ask the tax office for official advice on your specific situation.


		01 Sep 2008, 01:21:12 PM	#3

Admin
Money-making magpie

Post Count: 50

Quote:

Hi Kate,

This is probably a good question to ask your accountant because the situation varies according to what your taxable VAT expenses are. A flat rate is better if you don't have many taxable VAT expenses, but if you have lots than you should just apply for VAT.

HMRC says you can register anytime, although anyone earning over £67,000 in the previous 12 months must register. Check out how to register for VAT here.

Moneymagpie :-)