Don't rely on Royal mail for next day delivery. You may get your money back for a late delivery but thats it. No explanation, Nothing. I sent a time sensitive document to the Isle of Man guaranteed delivery for a time the next day. It sat in their sorting office for week.
I think he wants to keep his "toys". Even if he has minimal use of them I think it would be a step too far to part with them.
A good thing about deregistration from " normal" VAT registration in favour of reregistering for the flat rate scheme is that the "self supply" aspect is bypassed. He is not required to pay output tax on his stocks.
An annoying point though is that grazing is recognised as a zero rated supply as a farmer yet it does not figure in the permissible activities for the flat rate scheme. Is this an anomaly or is it deliberate?
Why do you think it is not aimed at the small practice sole trader accountant? There must be a number of individuals with a limited client list perhaps keeping below the VAT level or, like me, continuing after retirement with a few old client/ friends. If there are exemptions, why should accountants,(brought into play as " tax advisors") not benefit?
My problem is that the language seems to cut the ground from under the feet of any persons trying to claim its benefit. Size of ( undefined) transaction,Proportion of income arising from accountant turnover? Both these limitations seem to render the exemptions unclaimable? Is that the intention?
Thank you GW.
The short answer is yes-I have been doing the past accounts incorrectly! The tech. release makes clear the difference between maintenance charges to residents and disbursements from it (NOT the company's turnover or overheads) and also the fact that the undisbursed balance at bank represents a Trust for residents and is NOT the company's money.
I will amend my ways forthwith. I wonder how many accountants are still getting this wrong?
My answers
Don't rely on Royal mail for next day delivery. You may get your money back for a late delivery but thats it. No explanation, Nothing. I sent a time sensitive document to the Isle of Man guaranteed delivery for a time the next day. It sat in their sorting office for week.
I think he wants to keep his "toys". Even if he has minimal use of them I think it would be a step too far to part with them.
A good thing about deregistration from " normal" VAT registration in favour of reregistering for the flat rate scheme is that the "self supply" aspect is bypassed. He is not required to pay output tax on his stocks.
An annoying point though is that grazing is recognised as a zero rated supply as a farmer yet it does not figure in the permissible activities for the flat rate scheme. Is this an anomaly or is it deliberate?
Why do you think it is not aimed at the small practice sole trader accountant? There must be a number of individuals with a limited client list perhaps keeping below the VAT level or, like me, continuing after retirement with a few old client/ friends. If there are exemptions, why should accountants,(brought into play as " tax advisors") not benefit?
My problem is that the language seems to cut the ground from under the feet of any persons trying to claim its benefit. Size of ( undefined) transaction,Proportion of income arising from accountant turnover? Both these limitations seem to render the exemptions unclaimable? Is that the intention?
Thank you GW.
The short answer is yes-I have been doing the past accounts incorrectly! The tech. release makes clear the difference between maintenance charges to residents and disbursements from it (NOT the company's turnover or overheads) and also the fact that the undisbursed balance at bank represents a Trust for residents and is NOT the company's money.
I will amend my ways forthwith. I wonder how many accountants are still getting this wrong?