UK Politics

[steviewevie]

 

[steviewevie]

Elton John performing at the investment summit tonight.

That should ease all the worries about CGT and workers rights.

[lost]

ooops, when you have to be registered to charge VAT on your fee's you can also claim VAT back:
 

 

[steviewevie]

35 minutes ago, lost said:

ooops, when you have to be registered to charge VAT on your fee's you can also claim VAT back:
 

 

that's just a temporary thing, right?

[lost]

1 hour ago, steviewevie said:

that's just a temporary thing, right?

 

Don't think so It'll be anything the school chooses to buy going forward plus the article seems to suggest they can go back and claim anything from the last 10 years

[lazyred]

23 minutes ago, lost said:

 

Don't think so It'll be anything the school chooses to buy going forward plus the article seems to suggest they can go back and claim anything from the last 10 years

If they haven't paid vat in those years how can they claim any back? 

[steviewevie]

So...no one wants tax rises, but they want better public services, more investment, lower immigration, and nicer weather.

[steviewevie]

 

[lost]

41 minutes ago, lazyred said:

If they haven't paid vat in those years how can they claim any back? 

 

They will of paid VAT on anything they've bought from a VAT registered company so say a school bus or a builder turning over more than £90k

[lazyred]

30 minutes ago, lost said:

 

They will of paid VAT on anything they've bought from a VAT registered company so say a school bus or a builder turning over more than £90k

Thanks I got it the wrong way round. Anyway I've just read the HMRC guidance and I still don't understand it but it looks like a mess with lots of loopholes

https://www.gov.uk/guidance/charging-and-reclaiming-vat-on-goods-and-services-related-to-private-school-fees

[steviewevie]

6 minutes ago, lazyred said:

Thanks I got it the wrong way round. Anyway I've just read the HMRC guidance and I still don't understand it but it looks like a mess with lots of loopholes

https://www.gov.uk/guidance/charging-and-reclaiming-vat-on-goods-and-services-related-to-private-school-fees

VAT is like that though, right? Messy. UK Tax altogether is way too complicated, surely it could be simpler, maybe base it on the number of windows you have.

[lost]

12 minutes ago, lazyred said:

 I still don't understand it but it looks like a mess with lots of loopholes

 

 

I could be wrong but it read it as the following:
 

School A switches from charity to VAT registered company.

 

School A who's fees were 10k a year now charges 10k + VAT so 12k a year.

 

School A has 100 pupils so £1 million in fee's and 200k VAT to the tax man BUT

 

School A when it files its first tax return can claim back the VAT on anything its purchased in the last 10 years.

 

School A buys about £500k of stuff a year and has VAT receipts for about 5 million in purchases so 1 million pounds of VAT

 

HMRC rather than getting 200k owe the school £800k

Edited 2 hours ago by lost

[steviewevie]

Do Tory government economic policies usually get this amount of scrutiny? 

I guess this is an issue Labour always was going to have, especially when things are so tight and with so many years of underinvestment and with silly promises made by Labour in opposition. The time between election and budget doesn't help either.

[steviewevie]