United Kingdom Budget 2018.

[Nigel]

Anyone got any tips of what to expect?

I have heard there is a possibility the VAT threshold will be reduced to £45k.

 

[Octopus]

If they do that the cash transactions will increase massively

 

[Octopus]

If they do reduce the VAT threshold it's going to be like not issuing tax discs ....a saving of x wasn't achieved as evasion has increased massively.

 

[MDJ]

Anyone got any tips of what to expect?

I have heard there is a possibility the VAT threshold will be reduced to £45k.

I reckon the 40% threshold will go up a bit, VAT down a bit and the tax start of rate up to 12,500. Corporation Tax back up and business rates down, due to Debenhams struggling.

 

[Gavin John Hyde]

If they do that the cash transactions will increase massively

I know of a few tradespeople around here who do a lot of 'cash work' they are doing nearly all the small quick jobs as cash and the bigger longer ones through the books to save on vat.
If they tinker with vat too much this will become the norm.

 

[JK-Electrical]

Anyone got any tips of what to expect?

I expect the chancellor to give something with his right hand then take something back with his left.

 

[Octopus]

I've encountered a person who keeps his "income" low by doing lots of cash work - then gets Tax Credits ....

 

[Octopus]

IMHO the VAT threshold should rise to £100K if you have an apprentice .......

 

[GMES]

I can never get my head round why a business owner would intentionally try to stay under the vat threshold, all you are doing is stunting the growth of your Company.
And staying under it you're never going to get anywhere in life, I know people can do cash jobs to keep under it but again you are creating a Ceiling for your business when I thought the whole point was to do and be the best you can in life.
I can just imagine Richard Branson and Alan sugar sat in the pub trying do the sums to keep under the vat threshold.
This is just my opinion by the way and no offence is meant to anyone under the threshold.

 

[Octopus]

I can never get my head round why a business owner would intentionally try to stay under the vat threshold, all you are doing is stunting the growth of your Company.

For me its very simple - The VAT threshold for this year is £85K revenue ..... I have no plans to expand and don't have any need to be VAT reg

Why complicate matters if you don't need to...

 

[GMES]

For me its very simple - The VAT threshold for this year is £85K revenue ..... I have no plans to expand and don't have any need to be VAT reg

Why complicate matters if you don't need to...

But surely the only reason you have no need to go vat registered is because as you say you never expanded.
I just find it a funny mindset for any person to have that when setting up a business they start with an attitude of not wanting to grow that business.

 

[Octopus]

But surely the only reason you have no need to go vat registered is because as you say you never expanded.
I just find it a funny mindset for any person to have that when setting up a business they start with an attitude of not wanting to grow that business.

Why would I want to expand?

The whole reason to be SE is that I can suit myself ....... and not have people to answer to ................ or be responsible for ...........

 

[GMES]

Why would I want to expand?

The whole reason to be SE is that I can suit myself ....... and not have people to answer to ................ or be responsible for ...........

Just to clarify, I am not saying you personally should go vat registered it's more a general statement to anyone who sets up in business.
I fully accept some people want a simple and steady life, like I say I just find it strange to set a ceiling on their business before they even start.

 

[suffolkspark]

More to life than money and work

 

[MDJ]

I agree with the APE actually, if people want to stay small then fine, but avoiding VAT will stop your company growing and I think most people want to make money if life, JMO.

 

[Nigel]

Growing my business has given me more time to do things I want than less. Yes there is that growing period when I had no time to spare but once you are over that mountain it is all good.

I am spolit for time these days and at 36 with a 12 year old son I spend so much time with him it is just a joy. How many fathers can say they see there son off from school and welcome him home? A real delight.

 

[GMES]

Growing my business has given me more time to do things I want than less. Yes there is that growing period when I had no time to spare but once you are over that mountain it is all good.

I am spolit for time these days and at 36 with a 12 year old son I spend so much time with him it is just a joy. How many fathers can say they see there son off from school and welcome him home? A real delight.

Nice one mate, obviously the hard work has paid off.
This just strengthens my thoughts, turning over less than the threshold every year of your business life probably means you're still going to be ripping floor boards up when you're 70.

Again jmo.

 

[Nigel]

Nice one mate, obviously the hard work has paid off.
This just strengthens my thoughts, turning over less than the threshold every year of your business life probably means you're still going to be ripping floor boards up when you're 70.

Again jmo.

I have to agree.

Funnily I am currently going through sever back issues from sitting in the office too much. Haha

 

[JK-Electrical]

I've encountered a person who keeps his "income" low by doing lots of cash work - then gets Tax Credits ....

That's odd ..... I don't recall ever meeting you.

 

[Gavin John Hyde]

From my view I registered for vat when i set up on my own to claim back the vat on the tools and kit etc.. then de-registered. I wouldnt want to have to register again as my focus is domestic work and it would price me out the market locally. Due to some major leg injuries, I had to change focus. I now have a good work life balance.
I could work more and chase the money but I would be physically wrecked and not enjoying it. sometimes it is better to be happy in what you do. If I expanded I would loose the very reasons I am self employed.

 

[MFS Electrical]

I have to agree.

Funnily I am currently going through sever back issues from sitting On the couch too much. Haha

Sorted that for you

 

[MFS Electrical]

That's odd ..... I don't recall ever meeting you.

Cheeky

 

[Midwest]

I am spolit for time these days and at 36 with a 12 year old son I spend so much time with him it is just a joy. How many fathers can say they see there son off from school and welcome him home? A real delight.

Wait till he reaches 13

 

[telectrix]

Wait till he reaches 13