Until April 2017, it was worthwhile for most contractors to join the Flat Rate VAT scheme. There were financial gains to be had, even after paying additional accountancy fees to cover the work involved in preparing and submitting quarterly VAT returns.
New legislation has removed these gains so voluntary registration is no longer financially worthwhile for most freelancers, consultants & contractors.
Of course if your turnover hits the VAT threshold of £85,000 in any rolling 12 month period, you must register for VAT. We’ll assess your turnover at the end of each financial year, but if you think you may be getting close, contact us and we’ll advise. If you do need to become VAT registered, we offer a full VAT service as part of our VALUE package, and will help you every step of the way.
New legislation has removed these gains so voluntary registration is no longer financially worthwhile for most freelancers, consultants & contractors.
Of course if your turnover hits the VAT threshold of £85,000 in any rolling 12 month period, you must register for VAT. We’ll assess your turnover at the end of each financial year, but if you think you may be getting close, contact us and we’ll advise. If you do need to become VAT registered, we offer a full VAT service as part of our VALUE package, and will help you every step of the way.
