Saturday, December 19, 2009

Flat rate scheme

This scheme is designed to reduce the cost of complying with VAT obligations by simplifying the way small businesses calculate their VAT. It is available to businesses who expect their VAT exclusive turnover in the next 12 months to be no more than £150,000 in taxable supplies.

Taxable supplies are calculated by looking at the total of supplies at the positive and zero rates, excluding VAT and the value of any capital assets expected to be sold. Total business income includes taxable supplies and the value of exempt and other non-taxable income.

A business must leave the scheme arises when turnover increases to £225,000

The flat rate scheme saves time by removing the need to calculate and record output tax and input tax in calculating the net VAT due to HM Revenue & Customs. The VAT in a period is calculated by applying the flat rate percentage to the tax inclusive turnover for the period. However, the flat rate rate scheme can cost extra VAT if you make supplies which are exempt from VAT as flat rate VAT will be payable on the value of all supplies made, including exempt supplies.

HM Revenue & Customs has published a table showing rates applicable to many business sectors. Some examples are:

Retail of food, newspapers, confectionery 2
Retail of vehicles or fuel 5.5
Photography 8.5
Estate agency 9.5
Hairdressing 10.5
Legal services 12
Computer and IT consultancy 11.5
The flat rate to be used depends on which trade sector most accurately reflects any particular business. If a business includes supplies in two or more sectors, the percentage to be used is that appropriate to the main business activity as measured by expected turnover in the year ahead.

If you are making supplies to other VAT registered businesses, you give them a VAT invoice charging VAT at the normal rate for the supply (not the flat rate percentage).

Most traders with qualifying turnover are eligible to join the scheme, but there are a number of exclusions designed to prevent abuse of the scheme as well as a few to avoid complex interaction with other schemes. The scheme is optional, but traders wishing to join should complete Form VAT 600 (FRS) (which can be printed off the HMRC website at www.hmrc.gov.uk).

Friday, December 18, 2009

BIDBROO'S



Bidroo's is a little bit different from your standard auction site. Here, it's not about how high you bid, but about how low. It's a reverse auction site offering you the opportunity to purchase a whole range of products and experiences starting from as little as 1p.

ENJOYING YOUR MORNING CUP OF COFFEE

UNICEF is currently working in more than 90 countries around the world to improve water supplies and sanitation facilities in schools and communities.

Please promise to help UNICEF protect children’s right to clean water.

By making your promise today, you’ll be helping children around the world have access to clean, safe water; keeping them healthy and well.

Your gift will be used specifically to support UNICEF’s essential child survival work, including our water and sanitations work.

Grants of Cornwall

Do you have any unwanted gold jewellery lying around? Perhaps you could do with a bit of extra cash but don't know how to go about calculating the weight and purity of your gold? With gold prices at record levels at the moment there has never been a better time to cash in your unwanted gold with Grants of Cornwall - we are able to offer you a fantastic price of up to £746 per ounce of unwanted gold*.

We provide and simple and quick service from start to finish for selling your gold. Our price of £746 is acheived by forward buying contracts to sell gold.

RH Hotels,

Welcome to eCar Insurance

Wednesday, December 16, 2009

iFlorist

CLICK for WEBSITE

Sending flowers globally has never been easier than with iflorist, delivering flowers to over 140 countries. We also have an extensive range of wines, champagne, balloons, chocolates and hampers. Orders can be made and delivered within 4 hours from our network of over 1800 UK florists, and with over 300 funeral and sympathy tributes our specialist floral service is the most comprehensive in the industry.

Average transaction values of over £40 and the highest visitor conversion of any florist site ensure healthy commissions from our extremely competitive and easy to use gifting website.
Christmas Voucher Code
Code "FLOWERS10" - 10% off your order. Find out more in the voucher manager.