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TEAP007
TEAP007, Tax Preparer
Category: UK Tax
Satisfied Customers: 759
Experience:  Fully Trained Inspector of Taxes / District Inspector/ Team Leader/ Offshore Consultant/ 41 years
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hi, im vat registered self employed on %8.5 flat rate scheme. Im

Customer Question

hi, i'm vat registered self employed on %8.5 flat rate scheme.

I'm doing door to door second hand goods collections, and have 3 other mini teams where guys are just self employed and i'm paying them theirs wages without vat.

most of my income is just from my team. and from rest mini teams i'm just getting those %11.5 after deducting those %8.5 of vat.

so for example if for stuff i'm getting £100 plus Vat,= £120 i'm paying to my guys those £100 and after I pay to hmrc %8.5 I'm getting £9.8.

after removing from flat rate I will not get anything then.



Last year I exceeded my income and in total I had £260000.

I received letter from hmrc saying that they are removing me from scheme from next quarter.

No thinking what to do. should I reduce my mini teams wages and ask them to register vat flat rate schemes.

my expences are just fuel which is just £10000 per year

and some vehicle services, but most of that doing myself
Submitted: 1 year ago.
Category: UK Tax
Expert:  Lindie-mod replied 1 year ago.

Hello,

I'm Lindie, and I’m a moderator for this topic.

We have been working with the professionals to try to help you with your question. Sometimes it may take a bit of time to find the right fit.

I was checking to see if you had already found your answer or if you still needing assistance from one of the professionals.

Please let me know if you wish to continue waiting or if you would like for us to close your question.

Also remember that JustAnswer has a multitude of categories to help you with all your needs from Health, Pets, Computers, Cars, Finance, Law, to Home Improvement, and more.

Thank you,

Lindie

Customer: replied 1 year ago.


i'd like to wait

Expert:  Lindie-mod replied 1 year ago.

Hello,

Thank you, we will continue to look for a professional to assist you. Please let me know if I can be of any further assistance while you wait.

Best,

Lindie

Expert:  Lindie-mod replied 1 year ago.

Hello again, :)

We are still working with the professionals to find you the best possible match. I wanted to touch base to see if you still needed a professional’s assistance.

Please let me know if you would like to continue to wait or if you would like to cancel your question at this time. We sincerely apologize for the extended wait time.

Thank you,


Lindie

Customer: replied 1 year ago.

waiting

Expert:  Lindie-mod replied 1 year ago.

Hello,


I'm sorry to say we have exhausted all our efforts at this time to find the right professional to assist you with your question.

While we were not able to assist you with this question, please keep in mind that JustAnswer has multiple categories, from Health, Pets, Computers, Taxes, Cars, Finance, Law, to Home Improvement, and more, to assist you with any question you may need answered.

At this time, we can offer you two options. You can choose to either have us return your good faith deposit back to its original funding source OR you may keep your deposit in your JustAnswer account to use for a future question.


We hope you will consider us again in the future,

Thank you,

Lindie

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