Hi people,
Another one on vat.
We are in a subsection of the construction industry for 5 years and are having a tough year so far same as everyone else. From a cashflow pint of view vat is an issue as buy in the north ex vat a lot of our products. Because of the two thirds rule we had been charging vat at 21%. I have since spoken to others in the industry and it seems I am the only one of about 25 business that I know of paying 21%. I tried to get our accountant to check it out but he seems more interested in telling us what we cant do but to be fair he keeps us on the straight and narrow all the same.
By setting up a workshop these business have been charging 13.5%. My question is twofold as we now have done the same would revenue start taking a keener interest in us if we start making a return at 13.5% and is there anyway we can claw back the vat we had been paying at 21%?
Opnions and advise appreciated.
Another one on vat.
We are in a subsection of the construction industry for 5 years and are having a tough year so far same as everyone else. From a cashflow pint of view vat is an issue as buy in the north ex vat a lot of our products. Because of the two thirds rule we had been charging vat at 21%. I have since spoken to others in the industry and it seems I am the only one of about 25 business that I know of paying 21%. I tried to get our accountant to check it out but he seems more interested in telling us what we cant do but to be fair he keeps us on the straight and narrow all the same.
By setting up a workshop these business have been charging 13.5%. My question is twofold as we now have done the same would revenue start taking a keener interest in us if we start making a return at 13.5% and is there anyway we can claw back the vat we had been paying at 21%?
Opnions and advise appreciated.