1. Hello Guest, Thanks for visiting The Wholesale Forums! Register for FREE today. Sign up with Facebook, Twitter, or Google.
    Dismiss Notice
Dismiss Notice
Thanks for visiting The Wholesale Forums! Register for FREE today and gain access to more information. Sign up with Facebook, Twitter, or Google.

Flat rate VAT Turnover Threshold

Discussion in 'Money, Accounts & Finance' started by btman, May 28, 2016.

  1. btman

    btman

    Joined:
    May 18, 2008
    Messages:
    110
    I am a sole trader expecting to hit the flat rate VAT limit of £230,000 in about 10 months so will have to shutdown for 2 months. Is there any way I can legally continue to work so I don't have to take up pilates ?
    Cody likes this.
  2. Simple Aquatics

    Simple Aquatics

    Joined:
    Apr 5, 2009
    Messages:
    4,015
    I believe the limit is actually £150K so in short, no you cant do anything to avoid the situation given the level of turnover you have
    Cody likes this.
  3. Gary

    Gary

    Joined:
    Aug 22, 2009
    Messages:
    16,355
    Technically speaking you should leave the flat rate scheme if you expect to exceed the £230k within the next 12 months.

    Have you done the math to work out if it would be more viable to take the lost revenue vs the increased VAT?
  4. btman

    btman

    Joined:
    May 18, 2008
    Messages:
    110
    I get my stock from outside the eu so there is no input tax to claim back. I would be paying a flat 20% and would be working for nothing. Could i register my brother as a sole trader and trade some more ?
    Cody likes this.
  5. Gary

    Gary

    Joined:
    Aug 22, 2009
    Messages:
    16,355
    That would be evasion

    So do you not pay VAT at customs when importing?
  6. Sc0tty

    Sc0tty

    Joined:
    Jan 19, 2010
    Messages:
    683
    Surely you pay VAT on the imports coming in. Or are you doing the dodgy on that aswell as trying to evade tax by diverting trade.
    Cody likes this.
Back to top

Share This Page