Share this content

Clients applying for VAT deregistration already

Didn't find your answer?

2 clients have already made contact to ask me to apply for  deregistration from VAT 

Which will mean lesswork for me which will mean less fee/income.

Replies (9)

Please login or register to join the discussion.

By jon_griffey
22nd Mar 2020 12:44

It's going to get far, far worse than that. If even one of the two clients manages to stay in business and you get a much reduced fee from them, then to be honest that is probably a win. It's really grim.

Thanks (0)
the sea otter
By memyself-eye
22nd Mar 2020 13:10

My son probably will apply as their are no festivals going on. He supplies catering.
No loss to my income as I do his VAT returns for free!

Thanks (0)
avatar
By sanjay100
22nd Mar 2020 13:29

I think you could have put your question a better way as its you are feeling sorry for yourself " means less work for me ". It is obvious 99% of the population will have a take a drastic income hit as simply no one is going to spend and many will have no businesses soon.

Many will postpone fees to accountants or delay filings. No one including the government is going to be fussed about the penalties as there are more pressing things at stake. Who knows I may end up with no income.

I am not really bothered about my loss of income as I and many other accountants will be okay financially but my heart bleeds to those that may not be able to put food on the table.

Thanks (2)
Replying to sanjay100:
x
By rockallj
24th Mar 2020 10:27

I am not really bothered about my loss of income as I and many other accountants will be okay financially but my heart bleeds to those that may not be able to put food on the table.

[/quote]

Well good for you. I'm not in this category and many others too, no doubt.

Thanks (0)
Jennifer Adams
By Jennifer Adams
22nd Mar 2020 13:41

As ever sanjay - you didnt read the comment as it was intended. It was an observation thats all.

If I was really that unkind and thinking of myself I would be like other accountants who are charging for their advice on the situation.

See here

https://www.accountingweb.co.uk/any-answers/fee-for-coronavirus-advice-g...

And note... I am working on Sunday taking calls as my clients are upset and no... I'm not charging.

I've already sent round 3 blogs to clients - one on how I can help (also see my article) here
https://www.accountingweb.co.uk/practice/practice-strategy/covid-19-help...
(written before all the government's initiatives were announced), one about Time to Pay and one about the govts initatives.

and on Monday i'm sending one round about the deferment of July payments to all my clients affected.

Thanks (1)
Replying to Jennifer Adams:
avatar
By sanjay100
22nd Mar 2020 17:18

I am reading it as it was. If you had stated less work for accountants rather than "me" then would have been a observation about all than you.

There will be less work all round apart from a couple of sectors which will obviously result in less fees

I admire you for putting clients first which I hope everyone does.

Thanks (0)
Replying to Jennifer Adams:
blue sheep
By Nigel Henshaw
22nd Mar 2020 20:58

And note... I am working on Sunday taking calls as my clients are upset and no... I'm

I'm in exactly the same position, taken client calls today, happy to help, I am only just about keeping up so cannot imagine the stress they are going through.

On the VAT, It depends on the individual situation of course but I would probably be advising them to wait a week, I strongly suspect many more businesses will be closing their doors before the end of the month when total lockdown kicks in.

Thanks (0)
the sea otter
By memyself-eye
22nd Mar 2020 14:57

and it's not 99% of the population - it's the percentage that actually creates wealth that will be (most) affected.

Many in the public sector will see no reduction in income.

Thanks (1)
chips_at_mattersey
By Les Howard
22nd Mar 2020 17:49

My approach is, if the client expects/hopes his sales to pick up again, to stay registered; claim input tax on those expenses he still incurs. Probably slightly easier than having to re-register again later in the year.
(Watch for blog article in the next few days.)

Thanks (1)
Share this content