Recent content by mr.blister

  1. M

    Flat Rate VAT (FRV)

    Yeah I have seen this and that is why I was unsure which formula/method to use, as I would expect to use 8.5/108.5*item price, though it seems it's straight as you described above, that's a damn shame given I'd expect to pocket the larger portion of the VAT back from client than the other way...
  2. M

    Flat Rate VAT (FRV)

    which if I am right you are on the lines of what I was trying to say but looking at it in a different way, so to speak. so for example; 8.5% (using 7.8341%) of £35886.05 = £2811.34 which I calculated from 35886.05*1.085, also using your calculation (8.5/108.5)*35886.05= £2811.34 my point was...
  3. M

    Flat Rate VAT (FRV)

    1. Hi, I have just become VAT registered on the FRV of 9.5%, I assume for the first year I receive a 1 % discount so therefore it's 8.5%, or do I deduct 9.5% and apply for a rebate of 1%? 2. Now here's my conundrum, or so it seems, I can't simply add 20% to an item price and deduct it the same...
  4. M

    VAT Flat Rate

    evidently, and to my confusion initially.
  5. M

    VAT Flat Rate

    I have researched this and it's the difference of 'mark up' price against 'gross profit'. A mark up of 25% (1.25) yields a gross profit of 20% (1.2) 15% Markup = 13.0% Gross Profit 20% Markup = 16.7% Gross Profit 25% Markup = 20.0% Gross Profit 30% Markup = 23.0% Gross Profit 33.3% Markup =...
  6. M

    National Insurance discussion

    That really depends on expenses as well. Yet point taken.
  7. M

    VAT Flat Rate

    My apology from the out if this is in the wrong section, as it is a general question here goes; The VAT flat rate scheme, how does one go about calculating the VAT payable, as I have found 2 ways to do this, and both make sense? 1st off, say a value of £28+VAT (20%) = £33.6 (the VAT equals...
  8. M

    National Insurance discussion

    How will one save corp tax? If a business pays no NI, they will still be liable for corp tax from profits, unless you mean that the NI saving of £2000 can be off set against corp tax liability, and thereafter reduce (by £400) a corp tax bill? Why do you say if the company only has one...
  9. M

    National Insurance discussion

    I understand, and thanks for your contribution, so homing in on an answer of wheather or not to pay a min amount of NI or keep salary within the LEL threshold (to gain the NI credit) one would opt for the NI credit, as even paying a min amount of NI is no guarantee for receiving any advantages...
  10. M

    National Insurance discussion

    OK, the pension credit is good, as you receive a full year towards your state pension for actually paying nothing in NI, though in-regards to the alternative which is to pay NI, does paying NI at a min amount compared to paying a full amount for a year equate to the same when applying for...
  11. M

    National Insurance discussion

    I know it's relatively easy to to work out a salary and dividend (from a Ltd company) to then still pay a min amount of NI and tax (or no tax just NI), though even at the LEL level there is a NI credit related to pension given, though is it advantageous to calculate a salary to pay a min amount...
  12. M

    National Insurance discussion

    Hi, as we are on the verge of a new tax year, I was wondering about peoples thoughts on Ltd companies and directors (emplyees) paying National Insurance, specifically those who tend to take a low salary and then dividend from a Ltd company, is it really worth paying salary fractionally or even...
  13. M

    How to add a a director to a company

    Hi Scalloway, you are indeed a wealth of info, a guru in-fact, that last link is a god send, THANK YOU.
  14. M

    How to add a a director to a company

    Is the employer NI liability £0 paying an employee £153? If so, then I should assume anything upto and including £153 is the ST level and anything above ie £153.01 is the PT level? The 2014-2015 level is a bit confusing given they the same value, sorry.
  15. M

    How to add a a director to a company

    Hi again and thanks for all the useful feedback. My apologies for this but if I may, one more question. This year '14-'15 has an LEL of £111 PT of £153 and ST of £153, if one wants to minimise (not pay NI/tax as an employer and employee), I'd assume to take the ST level value, however as the...
See more
Top Bottom
Community
Articles
Menu