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grandad
PostPosted: Mon Jun 08, 2015 4:30 am 
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bloodnock wrote:
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You can't charge VAT on the fares within the district because you can't charge more than the fare on the meter. The VAT is INCLUDED in the fare for a VAT registered driver and must be accounted for in the usual way.


Does that mean the operator loses out by a small percentage, You'll get your VAT back on things you buy but that wont offset the VAT you lose off of the value of Metered price, Say the Meter was £12.00 you'd give £2.00 towards VAT and you only get £10.00 of it, yet you'll not can claim anything like that amount back on your purchases..

When I ran a minibus the Price of the fair was VAT zero rated if i recall correctly, but I could still claim VAT back on all purchases and fuel...but the chore of doing all those VAT returns was a blessed nuisance.

If the driver is self employed and is collecting the fares then unless the driver is VAT registered there is no VAT element in the fare. The driver then pays his money to the base op. Assuming that the base op is taking more money from ALL sources of income than the VAT threshold, then VAT has to be accounted for on ALL that income.

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MR T
PostPosted: Mon Jun 08, 2015 1:39 pm 
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grandad wrote:
bloodnock wrote:
Quote:
You can't charge VAT on the fares within the district because you can't charge more than the fare on the meter. The VAT is INCLUDED in the fare for a VAT registered driver and must be accounted for in the usual way.


Does that mean the operator loses out by a small percentage, You'll get your VAT back on things you buy but that wont offset the VAT you lose off of the value of Metered price, Say the Meter was £12.00 you'd give £2.00 towards VAT and you only get £10.00 of it, yet you'll not can claim anything like that amount back on your purchases..

When I ran a minibus the Price of the fair was VAT zero rated if i recall correctly, but I could still claim VAT back on all purchases and fuel...but the chore of doing all those VAT returns was a blessed nuisance.

If the driver is self employed and is collecting the fares then unless the driver is VAT registered there is no VAT element in the fare. The driver then pays his money to the base op. Assuming that the base op is taking more money from ALL sources of income than the VAT threshold, then VAT has to be accounted for on ALL that income.

Not if some of the companies are Ltd and trading under VAT threshold..

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grandad
PostPosted: Mon Jun 08, 2015 1:45 pm 
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MR T wrote:
grandad wrote:
If the driver is self employed and is collecting the fares then unless the driver is VAT registered there is no VAT element in the fare. The driver then pays his money to the base op. Assuming that the base op is taking more money from ALL sources of income than the VAT threshold, then VAT has to be accounted for on ALL that income.

Not if some of the companies are Ltd and trading under VAT threshold..

I did say if they are taking more than the VAT threshold. :wink:

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MR T
PostPosted: Mon Jun 08, 2015 1:51 pm 
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grandad wrote:
MR T wrote:
grandad wrote:
If the driver is self employed and is collecting the fares then unless the driver is VAT registered there is no VAT element in the fare. The driver then pays his money to the base op. Assuming that the base op is taking more money from ALL sources of income than the VAT threshold, then VAT has to be accounted for on ALL that income.

Not if some of the companies are Ltd and trading under VAT threshold..

I did say if they are taking more than the VAT threshold. :wink:

So you did :D

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wannabeeahack
PostPosted: Mon Jun 08, 2015 6:01 pm 
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I paid the VAT on my new car (£2800) as the deposit early in march, on a credit card, the car arrived march 24th, the VAT refund arrived before the credit card bill.....whose the daddy!

90% of my work is account work so vat isnt a worry

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wannabeeahack
PostPosted: Mon Jun 08, 2015 6:02 pm 
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grandad wrote:
MR T wrote:
grandad wrote:
If the driver is self employed and is collecting the fares then unless the driver is VAT registered there is no VAT element in the fare. The driver then pays his money to the base op. Assuming that the base op is taking more money from ALL sources of income than the VAT threshold, then VAT has to be accounted for on ALL that income.

Not if some of the companies are Ltd and trading under VAT threshold..

I did say if they are taking more than the VAT threshold. :wink:


they could always opt for optional registration, i.e. UNDER the threshold

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grandad
PostPosted: Mon Jun 08, 2015 7:47 pm 
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wannabeeahack wrote:

they could always opt for optional registration, i.e. UNDER the threshold

But apart from you, who else is likely to do this?

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bloodnock
PostPosted: Tue Jun 09, 2015 12:57 am 
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grandad wrote:
wannabeeahack wrote:

they could always opt for optional registration, i.e. UNDER the threshold

But apart from you, who else is likely to do this?


I wouldnt, be a bloody needless nightmare, been there and had the tee shirt.
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roythebus
PostPosted: Tue Jun 09, 2015 7:39 am 
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I'm vat registered and well under the threshold, but then as I also run a psv, psv travel is zero rated, so I get the vat back on all the fuel. Very rarely do I have to pay the vatman. 8)
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wannabeeahack
PostPosted: Tue Jun 09, 2015 12:00 pm 
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bloodnock wrote:
grandad wrote:
wannabeeahack wrote:

they could always opt for optional registration, i.e. UNDER the threshold

But apart from you, who else is likely to do this?


I wouldnt, be a bloody needless nightmare, been there and had the tee shirt.


no nightmare here, im under the threshold, but it works for me

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