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VAT rise on energy saving products
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Nick



Joined: 02 Nov 2004
Posts: 34014
Location: Hereford
PostPosted: Mon Jun 08, 15 9:19 am    Post subject:  Reply with quote    

Same as any registered business then.

Mistress Rose



Joined: 21 Jul 2011
Posts: 10690

PostPosted: Tue Jun 09, 15 6:17 am    Post subject: Reply with quote    

Yes. To date we haven't bothered being VAT registered because it would mean we would either have to put our prices up, in some cases significantly, or absorb more of the cost. We could claim it back on some big purchases, but most of our materials are VAT free, so doesn't seem worth the extra work.

Ty Gwyn



Joined: 22 Sep 2010
Posts: 4236
Location: Lampeter
PostPosted: Tue Jun 09, 15 8:51 am    Post subject: Reply with quote    

Suppose in your business Chris it would be more complicated,but as long as you have all the receipts for sales and purchases it could work fine for you,
ie.your log sales would be 5% vat on sales and everything else 20%

But you`ll be able to claim 20% on all the fuel you purchase,red diesel for the tractors and the fuel for the trucks and the fuel your Son uses coming and going from work,and any sundries you buy,and its surprising how they mount up,its a nice little quarterly cheque,that one tends to forget about when making the original purchases.

Worth thinking about.

Nick



Joined: 02 Nov 2004
Posts: 34014
Location: Hereford
PostPosted: Tue Jun 09, 15 9:47 am    Post subject: Reply with quote    

And, I think, the only other thing you have to do is a quarterly set of VAT accounts, and pay what you owe on time. They're more aggressive than the regular tax guys. VAT is the Queen's money that you have, rather than tax, which is your money, which you owe, I seem to remember being told.

vegplot



Joined: 19 Apr 2007
Posts: 21298
Location: Ynys Môn
PostPosted: Tue Jun 09, 15 10:02 am    Post subject: Reply with quote    

We're a day late this quarter due to failing to remember banks don't transfer funds over the weekend. I'm awaiting a letter and possibly a fine..

Mistress Rose



Joined: 21 Jul 2011
Posts: 10690

PostPosted: Wed Jun 10, 15 6:11 am    Post subject: Reply with quote    

I might look at it and see if it worth while again, but last time I looked it wasn't. If we buy in much timber it might be, as we have to pay 20% on that but only 5% on it as fuel, as you say Ty Gwyn. To date we haven't had to buy much in, so not much to gain there.

Falstaff



Joined: 27 May 2009
Posts: 1014

PostPosted: Wed Jun 10, 15 7:54 am    Post subject: Reply with quote    

If you're turnover is not enough to force you to register, I wouldn't do it !

Sure you'd get your VAT back on diesel and computer paper etc, But you'd have to lose 20% of your turnover (Your produce is rated at 20% ? ) and you'd have to do the paperwork for them !

If that means you'd have to put your prices up, why not just put your prices up anyway and pocket the difference ?

That does mean you might have to introduce differential pricing according to whether you were selling direct, or to a middle man - but I expect that is in place in any case.

Mistress Rose



Joined: 21 Jul 2011
Posts: 10690

PostPosted: Thu Jun 11, 15 6:10 am    Post subject: Reply with quote    

If we sell to someone wholesale we do give them a reduction so they can sell at a reasonable price. It is more that most of our materials come from the woods, so no VAT and then become subject to it when we sell them. As I said, I will look at whether it is worthwhile again as it wasn't last time I looked. We are not up to the VAT threshold, so it would need to be worth while long term.

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