I own a small food outlet beside a 50/50% split on hot and cold food?
I currently trade around lb2000 below the Vat threshold but I own te opportunityto kind another lb5000 per year fromsome bufets. Is here any point me doing it or would I be worse past its sell-by date because I would own to reward Vat?
Answers:
You could other kind the buffet business its own separate entity. lb5000 doesn't come anywhere the VAT threshold by itself does it?
Once you register for VAT, you will other own a liability - it's not worth the headache unless you're going to leap all right above the threshold.
Good suggestion from originalwabbit, but if you are claiming small business rate nouns this would jeopardise this.Ask your accountant, in that are ways to legitimately find a solution.
Franchise out the buffet business to a personage such as myself.
I qualified as a chef surrounded by the UK Reserve Armed Forces, but my source of regular income be from employment out of catering. I worked for matching Company for 31 years, be made redundant, used my settlement to pay cheque sour my debts, and I very soon work locally for a much smaller emolument than get from my previous employment, have arranged to ignore the rat-race for fitting.
There are plenty of relatives resembling me, 50 years older or so, who would close to to trademark money by working locally. I am sure thet in that will be a chef or cook of some description who would kick at the randomness at taking on a business next to a client end, and expanding it.
the burden of vat is not on your business , you simply include vat on the cost of your produce or services and reward it backbone to the govt after deduct the vat you rewarded to buy the produce used solely for your business, if this is more than the vat you collect on behalf of the govt, after you can get better the excess from the govt.
go for it as what you are experiencing is expansion , once the buffet's are up and running spread your wing look for more trade you can't tie yourself down or aim your plans to suit vat..honest luck
Can somone please lend me some money?
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Answers:
You could other kind the buffet business its own separate entity. lb5000 doesn't come anywhere the VAT threshold by itself does it?
Once you register for VAT, you will other own a liability - it's not worth the headache unless you're going to leap all right above the threshold.
Good suggestion from originalwabbit, but if you are claiming small business rate nouns this would jeopardise this.Ask your accountant, in that are ways to legitimately find a solution.
Franchise out the buffet business to a personage such as myself.
I qualified as a chef surrounded by the UK Reserve Armed Forces, but my source of regular income be from employment out of catering. I worked for matching Company for 31 years, be made redundant, used my settlement to pay cheque sour my debts, and I very soon work locally for a much smaller emolument than get from my previous employment, have arranged to ignore the rat-race for fitting.
There are plenty of relatives resembling me, 50 years older or so, who would close to to trademark money by working locally. I am sure thet in that will be a chef or cook of some description who would kick at the randomness at taking on a business next to a client end, and expanding it.
the burden of vat is not on your business , you simply include vat on the cost of your produce or services and reward it backbone to the govt after deduct the vat you rewarded to buy the produce used solely for your business, if this is more than the vat you collect on behalf of the govt, after you can get better the excess from the govt.
go for it as what you are experiencing is expansion , once the buffet's are up and running spread your wing look for more trade you can't tie yourself down or aim your plans to suit vat..honest luck