Taxi Driver Online
http://www.taxi-driver.co.uk/phpBB2/

Flat rate VAT
http://www.taxi-driver.co.uk/phpBB2/viewtopic.php?f=7&t=728		 Page 1 of 1
Author:  T. [ Sat Jun 26, 2004 4:05 pm ]
Post subject:  Flat rate VAT
Has anyone joined this scheme ?
If so what are the benefits or drawbacks ?
Do you think 9% is a fair rate ?
Any input on this will be welcome as I am conscidering adopting the scheme.
Author:  Guest [ Sun Jun 27, 2004 3:54 am ]
Post subject:  Re: Flat rate VAT
T. wrote:
Has anyone joined this scheme ?
If so what are the benefits or drawbacks ?
Do you think 9% is a fair rate ?
Any input on this will be welcome as I am conscidering adopting the scheme.


T mate talk to your accountant b4 you do anything.

the prices vary accross the country therefore a fair deal in london is not a fair deal in Aberdeen.

for what its worth I think 10% is the figure we work on but thats here not there!
Author:  T. [ Sun Jun 27, 2004 9:36 am ]
Post subject:  Re: Flat rate VAT
Anonymous wrote:
T. wrote:
Has anyone joined this scheme ?
If so what are the benefits or drawbacks ?
Do you think 9% is a fair rate ?
Any input on this will be welcome as I am conscidering adopting the scheme.


T mate talk to your accountant b4 you do anything.

the prices vary accross the country therefore a fair deal in london is not a fair deal in Aberdeen.

for what its worth I think 10% is the figure we work on but thats here not there!


The May 2004 HMCE notice states 9% for the taxi trade. It does not mention any regional differences and there is a 1% reduction in the first year of VAT registration.
Does anyone know the rules on the jobs where the company acts as agent between customer and driver where VAT is only charged on the service element, does the whole fare count in the calculation of turnover or only the gross service charge. How would I record these transactions in my accounts and on the VAT return.
Author:  Guest [ Sun Jun 27, 2004 4:02 pm ]
Post subject:  Re: Flat rate VAT
T. wrote:
Anonymous wrote:
T. wrote:
Has anyone joined this scheme ?
If so what are the benefits or drawbacks ?
Do you think 9% is a fair rate ?
Any input on this will be welcome as I am conscidering adopting the scheme.


T mate talk to your accountant b4 you do anything.

the prices vary accross the country therefore a fair deal in london is not a fair deal in Aberdeen.

for what its worth I think 10% is the figure we work on but thats here not there!


The May 2004 HMCE notice states 9% for the taxi trade. It does not mention any regional differences and there is a 1% reduction in the first year of VAT registration.
Does anyone know the rules on the jobs where the company acts as agent between customer and driver where VAT is only charged on the service element, does the whole fare count in the calculation of turnover or only the gross service charge. How would I record these transactions in my accounts and on the VAT return.



I am sorry how clumbsy of me you misunderstood me

what I am trying to say is that the difference between imput and output here would be 10% payable

therefore if I joined the scheme which I cannot I would gain.

now in some parts fares are higher in some expenses higher and therefore
the gap could be higher.

so you need advice from an accountant.
Author:  T. [ Sun Jun 27, 2004 8:34 pm ]
Post subject:  Re: Flat rate VAT
Anonymous wrote:
T. wrote:
Anonymous wrote:
T. wrote:
Has anyone joined this scheme ?
If so what are the benefits or drawbacks ?
Do you think 9% is a fair rate ?
Any input on this will be welcome as I am conscidering adopting the scheme.


T mate talk to your accountant b4 you do anything.

the prices vary accross the country therefore a fair deal in london is not a fair deal in Aberdeen.

for what its worth I think 10% is the figure we work on but thats here not there!


The May 2004 HMCE notice states 9% for the taxi trade. It does not mention any regional differences and there is a 1% reduction in the first year of VAT registration.
Does anyone know the rules on the jobs where the company acts as agent between customer and driver where VAT is only charged on the service element, does the whole fare count in the calculation of turnover or only the gross service charge. How would I record these transactions in my accounts and on the VAT return.



I am sorry how clumbsy of me you misunderstood me

what I am trying to say is that the difference between imput and output here would be 10% payable

therefore if I joined the scheme which I cannot I would gain.

now in some parts fares are higher in some expenses higher and therefore
the gap could be higher.

so you need advice from an accountant.



Thanks for that, I understand what you mean now. This scheme is aimed at small companies so I take it you are over the upper limit.
I was hoping to get some background info before putting it before my accountant. There are big advantages as far a paperwork reduction but doing quaterley returns does force me to get on with the bookwork, it is motavational at least. There are stages of growth where you are not big enough to afford a bookeeper but the load is too much for one person.
Author:  Guest [ Sun Jun 27, 2004 9:03 pm ]
Post subject: 
Doesnt the gov want to get rid of that? :?
Author:  Guest [ Wed Jul 21, 2004 4:34 pm ]
Post subject: 
Er...

Make all your cars owner drivers, so they individually fall below the threshold. Then, just dont bother paying VAT> Surely thats simplest?
Author:  guest [ Tue Aug 24, 2004 4:37 pm ]
Post subject:  what is the difference?
I have issues with people not having a clue what they are talking about, which obviously this other guest guy does not.

Get the book, read it and understand it. If I recall it is called 700/25, and is a special publication for our industry.

Bad advise is worse than no advise.

Why does it matter if the drivers are owners or company drivers?

If they are self employed it is their turnover not yours. Yes thicko company drivers can be self employed too. How? you rent them the vehicle. Are you really in the taxi trade?

The only problem here is the threshold is still to low to make a decent living without being registered.
Author:  guest [ Tue Aug 24, 2004 4:43 pm ]
Post subject:  sorry forgot what the question was
Flat rate.

Going up to 250K soooonnnnnnnnnn!! we hope.

Do you want to get involved, guess it depends if you have owner drivers or company drivers, if you buy your cars new or not?

9% in any case in my opioion is a rip off.

Regardless of which you are or where you are located.

Cut down on the admin is the temptation here, but if you are admistering correctly in the first place, and not charging your customers VAT, it pay back not pay them is it not? RTFM is apropiate here I think.
Page 1 of 1 All times are UTC [ DST ]
Powered by phpBB® Forum Software © phpBB Group
http://www.phpbb.com/