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Where Taxpayers and Advisers Meet

VAT Margin Scheme

Glenn
Posts:1
Joined:Wed Aug 06, 2008 3:07 pm

Postby Glenn » Tue Nov 18, 2003 7:06 am

Please direct me to a full explanation of the VAT Margin Scheme.

peter@lavat.co.uk
Posts:35
Joined:Wed Aug 06, 2008 3:05 pm

Postby peter@lavat.co.uk » Tue Nov 18, 2003 7:20 am

Glenn

Are you interested in margin schemes or the flat-rate scheme for small businesses?

Detailed information on margin schemes can be found in Customs and Excise Notice 718 - http://www.hmce.gov.uk/forms/graphics/718.pdf

Details of the flat-rate scheme are in Notice 733 - http://www.hmce.gov.uk/forms/graphics/733.pdf

Do be careful if you are considering the flat-rate scheme because, depending on the circumstances, it can be an expensive option.

Kind regards

Peter Gladdish
www.lavat.co.uk

Kobayashi
Posts:4
Joined:Wed Aug 06, 2008 3:08 pm

Postby Kobayashi » Thu Jan 15, 2004 3:32 pm

Hello Peter
Your last line caught my eye as I'm looking into various schemes to see if they might be beneficial to my business. I own an Internet Cafe and have gone through the list of businessÂ’s that are eligible for the FRS on the hmce.gov website but Internet Cafes aren't listed. I phoned them but they couldn't help apart from saying that I could write to them explaining my problem? I have completed a couple of VAT returns and because of the overheads in setting up the cafe, the returns haven't been too bad but now that it's set up my turnover is considerably more than my outgoings (vending machine stock) and I can see a large VAT bill on the horizon. In going through the PDF doc that you recommended I came across the "Retail scheme" which I recall asking my accountant about many month's ago, I believe his reply was "yes, that might be good for you" but I never heard any more.
Any thoughts on what might be my best option?
Regards
Gary


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